• 4 minutes Phase One trade deal, for China it is all about technology war
  • 7 minutes IRAN / USA
  • 11 minutes Shale Oil Fiasco
  • 16 minutes Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 8 hours China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 1 hour Indonesia Stands Up to China. Will Japan Help?
  • 2 hours Beijing Must Face Reality That Taiwan is Independent
  • 2 hours Gravity is a scam!
  • 1 day What's the Endgame Here?
  • 8 mins Trump has changed into a World Leader
  • 7 hours US Shale: Technology
  • 2 days 10 Rockets hit US Air Base in Iraq
  • 2 hours Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 1 day Canada / Iran
  • 2 days Wind Turbine Blades Not Recyclable
  • 2 days Remember: Only the Poor Can Reach the Kingdom of God
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Premium Content

Demand Concerns Drive Oil Markets

U.S. West Texas Intermediate oil futures are trading lower for the week, putting the market in a position to post a potentially bearish technical closing price reversal top on the weekly chart. This chart pattern typically leads to the start of a two to three week correction. .vemba-player-sticky{ min-width: 800px; z-index: 100000; }

Demand Concerns Move to Forefront

Demand concerns are driving the price action this week. Although the OPEC-led production cuts remain supportive, they may not be enough to underpin prices if demand drop substantially.

Putting a lid on crude oil futures are renewed worries over U.S.-China trade relations. The growing concerns were fueled by comments on Thursday from a U.S. trade official who felt the two economic powerhouses were still far away from striking a trade deal despite recent optimistic remarks from the Trump administration, and a report that an upcoming meeting between U.S. President Trump and China’s President Xi Jinping would be pushed into March.

Traders are also responding to another downgrade of a major economic region as well as dovish remarks from the Reserve Bank of Australia.

In the U.S. on Thursday, the crude oil tumbled after White House economic advisor Larry Kudlow said that China and the U.S. were still far away on striking a trade deal. Later in the session, stock weakened…




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News