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Is Brent set for a weekly loss?

Is Brent set for a weekly loss?

 

  • Brent oil prices may end week lower
     
  • Softer dollar may not help oil prices
     
  • China's demand policies key to oil
     
  • Oil surplus expected in coming months

 

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Brent may end the week lower on the back of the latest downward revision to US labor data, a challenging demand outlook and a slight easing of geopolitical risks.

This revision to the March labor numbers has contributed to both Brent and WTI hitting their lowest levels this week since January earlier this year.
 

However, oil prices may find limited immediate relief from a weaker dollar if Fed Chair Powell signals today that demand-supportive interest rate cuts are just around the corner.


Oil prices are expected to continue to face headwinds until major economies, particularly China, implement policies that boost demand.

While oil prices can be volatile in response to geopolitical events, these reactions are likely to be overshadowed by the prevailing global demand landscape.
 

The gains oil has made so far this year are at risk of being erased as the market becomes increasingly convinced of a surplus in the coming months.

 

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