Oil Prices Drop on China Demand Concerns Despite Record Refinery Activity
• Oil prices fell as China's 2023 Q4 GDP growth of 5.2% missed expectations, raising concerns about future demand
• US dollar strength also put pressure on oil prices as it reduces demand from buyers paying with other currencies
• However, China's 2023 refinery throughput hit a record high, indicating resilient oil demand
• Chinese refiners actively booking March/April cargoes to replenish stockpiles and lock in lower prices
• Oil tankers diverting routes away from Red Sea due to attacks, increasing costs and delivery times