Crude oil prices are poised for another weekly decline, driven by concerns over slowing demand growth in China and expectations of a future supply surplus. Both Brent and West Texas Intermediate crude benchmarks are trading lower, with forecasts predicting a 3% drop for the week. The bearish sentiment stems from recent predictions by Chinese energy giants Sinopec and CNPC, which anticipate peak oil demand in the coming years due to the rise of electric vehicles and LNG-powered transportation. A strong U.S. dollar following the Federal Reserve's latest rate hike has also contributed to the price decline. Supply forecasts, indicating a potential surplus next year, further dampen market sentiment.
Crude oil prices were on track for yet another weekly loss earlier today as pessimism about demand growth in China continued to dominate markets. At the time of writing Brent crude was trading at $72.45 per barrel and West Texas Intermediate was changing hands for $69.91 per barrel, both down from opening in Asia. Reuters reported the benchmarks could end the week some 3% lower than they started it.
on the other hand, will keep output at current levels, JP Morgan analysts said. By Irina Slav for Oilprice.com
Crude Oil China Demand Supply Surplus
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