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Brent oil dragged lower by demand fears

Brent oil is trying to claw its way back above the psychologically-important $90/bbl level, even as it continues to trade around its lowest levels since February.

Oil bears took their cues from the “death cross” that formed earlier this week, with the ensuing losses lending credence to such a bearish technical signal.

Still, oil benchmarks are seeing some relief in light of the easing US dollar before the weekend.

Brent oil dragged lower by demand fears

Markets are clearly concerned that global demand may not hold up in the face of the ongoing wave of policy tightening by central bankers.

China’s persistence with its Covid Zero policies is also dampening the demand-side outlook.

The surprise OPEC+ supply cut announced earlier in the week clearly did not carry enough weight to stave off the selling pressures, as Brent remains on course for two straight weeks of declines.

 

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