Oil prices slipped on Monday as concerns about fuel demand in U.S. and China offset bullish sentiment about tightening supplies from any OPEC+ cuts.
Last week, both benchmarks fell for a fourth consecutive week, the longest streak of weekly declines since September 2022, over concern the United States could enter a recession on "significant risk" of aInvestors sought safe havens such as the U.S. dollar, strengthening the currency and making dollar-denominated commodities more expensive for holders of other currencies.
"Oil prices are still under pressure on sluggish demand outlooks as China's economic reopening progress seems bumpy," CMC Markets analyst Tina Teng said, adding that the U.S. banking rout has also caused market jitters. Investors will scour China's slew of economic data on industrial output, fixed assets investment and retail sales in the week ahead for signs of oil demand improvement, she said.
"With the uneven re-opening in China and concerns that the U.S is facing a growth slowdown at a time when the X-date for the debt ceiling is rapidly approaching, topped off by a rally in the U.S dollar, market sentiment towards crude oil will remain tepid at best," IG analyst Tony Sycamore said. Still, global crude supplies could tighten in the second half as the OPEC+ grouping, the Organization of the Petroleum Exporting Countries and its allies including Russia, is making additional output cuts that are reducing
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