Reported about 1 year ago
Oil prices are on track for a consecutive weekly gain after a surprise drawdown in US oil inventories, along with strong product demand, indicated positive conditions for the top consumer. Brent, above $85/barrel, has increased over 3% this week, while WTI hovers around $81. Crude stockpiles dropped 2.2 million barrels against forecasts. Other positive indicators include robust product consumption and record travel predictions for the US Fourth of July holiday. However, concerns about China's oil demand growth potentially falling short of expectations could pose a downside risk.
Source: YAHOO