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Brent Close To Flat For The Week, US GDP Beat Helps Rebound From Lows

OIL

Brent Crude prices continued to oscillate with the ongoing policy announcements from China.


  • Recognizing that the announced stimulus measures reflect the ongoing challenges but are aimed at arresting them, saw Brent Crude pair back some of the intra week lows to finish flat on the week.
  • Brent Crude was trading at $82.53 intraday in Asian time, trapped in a very tight trading range. This is unsurprising given the push pull in financial markets of China policy and the outlook from the FED.
  • Brent Crude has held onto modest overall gains year to date though these are attributed more to OPEC output guidance, than the outlook for global growth. Last night’s surprise US GDP print likely contributed to the modest bounce back in price.
  • During the week it was reported that projected overall oil-product consumption may fall in China in the second half of the year, reflective of the overall outlook
  • for growth.
  • WTI however had a somewhat softer week, falling to $78.43 during the morning
  • following last week’s close of $80.13.
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