Crude Oil Futures Rise as Traders Assess China's Economic Indicators from dbb agency Watch Video

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✓ Published: 18-Jun-2024

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Crude oil futures increased on Monday, building on a strong performance from the previous week, as traders evaluated mixed economic indicators from China. U.S. crude oil and Brent crude ended last week nearly 4% higher, driven by expectations of tightening market conditions due to robust summer fuel demand depleting oil inventories. Analyst Helima Croft of RBC Capital Markets anticipates a reduction in oil stockpiles by 850,000 barrels per day in the third quarter. The International Energy Agency has downgraded its global oil demand forecast, partly due to weaker economic signals from China, suggesting a lower-than-expected increase in global oil demand this year.