Building on last week’s momentum oil prices continued to rise this week after data showed U.S. crude and fuel inventories drew down more than expected last week, and as U.S. President Donald Trump's optimistic tone over talks with his Chinese counterpart helped ease economic jitters.
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Oil prices are rising as the situation in the Middle East becomes critical.
Despite a surge in oil prices this week on expectations of a major escalation in the Middle East, the benchmarks were set for their fourth weekly loss in a row as demand concern outweighed the war premium.
Crude oil prices are on track for a third weekly loss in a row, pressured by the perception of weaker-than-desired Chinese demand.
Oil prices are poised for a third straight weekly jump, buoyed by growing expectations that the U.S. central bank will soon start to cut interest rates.
