Proof of the U.S. and China's economic rebound will be needed before prices of oil, such...
The agreement between House Speaker Kevin McCarthy, left, and President Joe Biden on the debt ceiling helped boost oil prices last week.More data needs to come in to confirm that major economies are indeed on the rebound before there’s any sustained rally in crude oil prices, analysts said, while this week could bring novel developments regarding Iranian barrels.with time to spare to avoid a default, triggering a late-week rebound in the price of oil.
What drives the price of oil starting Monday is this past weekend's meeting of OPEC+, the core members of the Organization of the Petroleum Exporting Countries and nonmember state allies such as Russia.The group in May implemented a pledged production cut in a tacit effort to prop up oil prices, but a rally quickly fizzled out amid concerns about runaway inflation and a potential recession in the world’s major economies.
“The market still needs convincing that demand will outpace supply for oil prices to move significantly higher and the global economic outlook is so far unsupportive even if OPEC+ has tried its best to rein in output,” he said. “Until key questions are answered, such as the short-term direction of the Chinese economy, recession risks elsewhere and the direction of U.S. interest rates, the market is likely to remain subdued, despite a continued outlook for an emerging supply deficit during the second half of the year,” he said.A gauge of Chinese business trends in the private sector is out Monday, followed by inflationary data to May late in the week. Mortgage applications in the U.S.
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