Oil futures fall Monday as worries over crude supply appeared to fade and demand worries remain in place.
Oil futures fell Monday as worries over crude supply appeared to fade and demand worries remained in place, after both the U.S. and global benchmarks sank to their lowest since February last week.
Price action Market drivers Oil futures tanked last week as fears over the potential for a global economic slowdown undercut demand expectations, analysts said. A much stronger-than-expected July U.S. jobs report on Friday and China on Sunday said exports grew 18% to $333 billion in July compared with the same month last year, and rose 17.9% from June.
“The broader market sentiment has turned negative on recession risk, leading to growing concerns about oil demand. The base case for most commentators is that demand growth will slow globally, and demand destruction is not happening. The broader market is seeing fewer signs of stagflation,” said Stephen Innes, managing partner of SPI Asset Management, in a note.
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