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Crude Facing Downside Momentum as China Fears Create Pressure

OIL

Bearish sentiment is taking hold of oil markets on Friday as well as some strength in the dollar.

  • Oil was propped up in the middle of the week after another unexpected crude draw in the EIA report but demand fears out of China and Gaza ceasefire progress has taken the heat out of the move.
  • Crude has broken weekly lows set on Tuesday and is back to mid-June levels.
  • Little outlook change is expected from OPEC+ as it is expected to start putting volumes back on the market in October while factors like the U.S. summer driving season have proved to be seasonally weak.
  • Oil markets also weigh up some of the potential bearish outcomes of a Trump presidency at the end of the year such as trade wars and higher supply, though tighter restrictions on the likes of Iran and Russia could add a bullish angle along with scrapping of EV mandates.
  • Brent SEP 24 down -2.4% at 83.07$/bbl
  • WTI AUG 24 down -2.7% at 80.6$/bbl
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