Weaker-than-expected demand growth means the oil market is likely to remain in surplus into early next year, say analystsBoth Brent and U.S. West Texas Intermediate crude oil prices fell, with Brent futures settling at US$96.72 and WTI ending at US$90.77 per barrel. Both benchmarks fell about 1.5 per cent on the week, as future contract values dropped to their lowest level in seven months earlier in the week.
And despite the United States and European Union sanctions, Russia has stubbornly maintained its crude oil output, adding pressure to oil markets. Russian oil exports are still robust: the International Energy Agency reported 7.4 million barrels a day in July early this month. China’s uncertain economic outlook is also sparking concerns about global demand, Ole Hansen, Saxo Bank’s head of commodity strategy, told the media.
A stronger dollar is also impacting crude market sentiments. The “extended strong dollar trends will pose a major headwind against sustainable oil price gains,” according to Jim Ritterbusch of oil trading advisory firm Ritterbusch and Associates.
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