Oil prices are on course to boost a third consecutive week of declines due to demand concerns, although prices did inch higher on Thursday and early on Friday morning.
Crude oil prices looked set to book a third consecutive week of declines today despite inching up on Thursday and early on Friday morning. The change in direction reflects a change in traders’ focus as concern about supply security in the Middle East dissipates, to be replaced by a focus on demand prospects . 'The threat of disruptions to supplies from the Middle East continues to fall,' ANZ analysts said in a note quoted by Reuters.
“Investors are wary of a global economic slowdown possibly denting demand for fuel, and that’s completely negating the fear of conflict escalation in the Middle East,” Phillip Nova analyst Priyanka Sachdeva told Bloomberg. In a commodity market update, ING analysts Warren Patterson and Ewa Manthey noted that Brent had this week slipped below $80 per barrel for the first time since July and that “Fundamentals are proving not to be as constructive as expected in the short term.
Crude Oil Prices Declines Supply Security Middle East Demand Prospects
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