Oil prices decreased due to growing concerns about global demand and interest rates, overriding the support from tighter supplies due to the OPEC+ supply cuts. Although China has shown record crude imports in March, its bumpy economic recovery post COVID-19 and weaker refining margins have clouded its oil demand outlook. Moreover, weaker US economic data, disappointing corporate earnings from the tech sector, and stabilising US dollar and climbing bond yields have put pressure on commodity markets. However, analysts remain bullish about the second half of 2023, as China's oil demand recovery is expected to offset the slowdown in OECD demand.