Oil prices were falling on Monday morning as traders assessed a batch of economic data in China that showed retail-sales growth unexpectedly weakened in November. Still, traders remained cautious ahead of the Federal Reserve's policy meeting later this week.
Weak Chinese spending pressures crude oil demand as futures retreat. Key levels near $71.53 and $69.11 hint at rangebound trade while traders eye Fed decisions.
Oil futures edged lower in a possible technical correction after prices for U.S. and global benchmark oil posted their largest weekly percentage gains in three weeks.
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Tight supply and strong Chinese imports fuel crude oil gains. EU sanctions and OPEC+ cuts reinforce bullish oil market fundamentals for traders.
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The crude oil market has been positive this past week but remains very much in the throws of consolidation. Because of this, the market is likely to continue to see a lot of choppiness, as we are trying to build some kind of base in both grades of oil I
The crude oil markets rallied a bit in the early part of Friday, as we continue to see a lot of pressure building in the markets that I follow here at the FX Empire. Because of this, the market is one I am watching very closely.
Oil prices were rising early on Friday at the close of a week where concerns about additional sanctions on key producers helped offset several bearish reports on the supply-demand balance in the market.
Tightening supply and rising demand drive crude oil futures higher, as traders eye key resistance at $71.53. EU sanctions and China's imports fuel bullish sentiment.
Will surging demand from China and sanctions-induced supply risks outweigh surplus-driven downward price pressures?
Oil prices inched lower on Friday as investors focused on a forecast of ample supply and shrugged off expectations of higher demand next year from Chinese stimulus measures, while eyeing another Federal Reserve interest rate cut next week.