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.
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00:00It's Benzinga and here's what's on the block.
00:03Crude oil futures saw an increase on Monday building on a strong performance from the
00:07previous week as traders evaluated mixed economic indicators from China.
00:11U.S. crude oil and Brent crude ended last week nearly 4% higher driven by expectations
00:17of tightening market conditions due to robust summer fuel demand depleting oil inventories.
00:23Analyst Halima Croft of RBC Capital Markets anticipates a reduction in oil stockpiles
00:28by 850,000 barrels per day in the third quarter.
00:32The International Energy Agency has downgraded its global oil demand forecast, partly due
00:37to weaker economic signals from China suggesting a lower-than-expected increase in global oil
00:42demand this year.
00:43For all things money, visit Benzinga.com.