Oil prices started the week in the red as concerns about Chinese demand outweighed any geopolitical risk or supply cuts.
Chinese oil demand is back in the spotlight, exerting pressure on oil prices to start the new trading week with a loss, extending losses booked last week. 'Worries over weak demand in China outweighed the extension of supply cuts by
,' a Nissan Securities analyst told Reuters. The worries came after the research arm of state-owned Chinese energy major CNPC forecast last week that China is entering a slow oil demand period thanks to the uptake of electric cars and LNG-fueled trucks. Growth in EV sales and LNG-powered trucks would shave between 10% and 12% off the country’s demand for gasoline and diesel just this year, Lu Ruquan, president of CNPC’s Economics and Technology Research Institute, said last Friday.
and the IEA, which should provide a glimpse into the oil market balance. The EIA is releasing its latest Short-Term Energy Outlook this week as well. ’s report is out on Tuesday, followed by STEO on Wednesday, and the IEA’s Oil Market Report on Thursday. Early on Monday morning, WTI had fallen to $77.91 while Brent was trading at $82.10. By Irina Slav for Oilprice.com
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