Crude oil is headed for a lackluster week. Here's why.
Expectations of additional rate hikes, the resumption of oil exports from northern Iraq and a survey from the Federal Reserve Bank of Philadelphia showing factory activity dipped to its lowest point in three years all created bearish conditions last week for the price of oil.As the shock from the early-April decision from OPEC+ to cut production fades, analysts are expecting something of a lackluster performance for crude oil given emerging signals of weakening demand.
Richard Swann, the global director for clean refined products at S&P Global Commodity Insights, said markets are now looking to China to see if the world’s second-largest economy is indeed on the rebound after lifting COVID-19 restrictions. There’s nothing but conventional economic data coming this week. Figures on building permits Tuesday should offer some insight on the health of the housing sector in the U.S. economy, while consumers will have their say when the Conference Board releases survey results on confidence so far in April.
The OPEC+ cut announcement, he said, was a move made in anticipation of faltering demand. At the time, that perception seemed misplaced, though a recent trove of data from Western economies point to weakness.
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