Oil prices are on track for a weekly gain despite continued demand concerns, with both major benchmarks buoyed by positive US economic data and geopolitical risk.
Crude oil prices were set for a weekly increase earlier today as optimism returned to the oil market following the release of a couple of better-than-expected reports on the U.S. economy. One of these was the retail sales report for July, which showed a 1% increase versus expectations of a 0.3% improvement, Reuters reported. The increase was all the more significant because it followed a monthly dip of 0.2% for June.
On the other hand, the Fed has signaled repeatedly it would not rush into any interest rate cuts, meaning that these hopes may yet get betrayed. The strength of oil benchmarks is notable because of the abundance of bearish factors weighing on the commodity. Signs of weaker Chinese oil demand and two global demand revisions that came out this week, from OPEC and the International Energy Agency, are the key bearish factors.
US Economy Retail Sales Jobless Claims Federal Reserve Interest Rates Chinese Oil Demand OPEC International Energy Agency Middle East Tensions
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