Oil Rises as China Lock Downs Eases - US Energy Demand Increasing - Oil News

Oil jumps as China eases COVID curbs in potential boost to demand Oil prices jumped by more than 3% on Friday after health authorities in China eased some of the country’s heavy COVID curbs, raising hopes for improved economic activity and demand in the world’s top crude importer. The oil market remains depleted of its main buffers: inventories and spare capacity. Concurrently, the risk of meaningful supply disruptions in Libya, Russia, Iraq, and Iran is currently elevated. US Power Consumption Has Never Been This High. According to the EIA, power consumption in the US will rise to a record high of 4,036 KWh in 2022, up 3% compared to last year, as hotter temperatures and increasing economic activity keep on pushing electricity usage up. US Funding Indonesia’s Pivot from Coal. The United States and Japan will offer 15 billion in energy transition ...