Oil prices rose significantly earlier this week, before falling again, Carsten Fritsch, a commerzbank raw material analyst.
China’s oil data could further boost oil prices
“They benefited from the relaxation of the commercial conflict between the US and China, which has illuminated the prospects for the demand for oil in the two most important oil consuming countries. Data on crude oil processing for April, which will be published by the National Office of Statistics of China at the beginning of next week, could shed light on the current state of oil demand in China.”
“The imports of crude oil surprised up in April. If the same applies to crude oil processing, this would provide a tail wind for oil prices. The news on the ongoing nuclear negotiations between the US and Iran, which are responsible for the recent price drop, would probably also have an impact on oil prices.”
“The two parties are apparently approaching, feeding the hopes of a new nuclear agreement and a lifting of US sanctions as such, there are currently two opposite influence factors in the oil market that could make prices move in one direction or another.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
