"Oil prices set for a weekly decline as economic concerns mount"

" Oil prices set for a weekly decline as economic concerns mount \r\n\r\nOil prices have been on the rise for seven weeks but this could reverse this week, as\u00a0 concerns \u00a0about China\u2019s growth and U.S. interest rates take the upper hand again.\r\n\r\nIn the past couple of months, that concern was displaced by growing unease about global supply as Saudi Arabia implemented and then extended production cuts that have seen its output drop to 9 million bpd.\r\n\r\nDrawdowns in global oil stocks also contributed to that unease, pushing prices higher and keeping them there for seven weeks in a row.\r\n\r\nYet the latest economic data from China has prompted a return to fears about oil demand in the world\u2019s largest importer even if\u00a0 oil-related \u00a0data coming out of China remains quite robust.\r\n\r\nThen there is the prospect of more rate hikes in the United States, which has contributed strongly to the return of bearishness on oil markets.\r\n\r\n\u201cCrude prices are heavy as Wall Street grows nervous with the outlooks for the world\u2019s two largest economies \u2014 the U.S. and China,\u201d Oanda senior market analyst Ed Moya\u00a0 told \u00a0Bloomberg this week, as prices dived to the lowest in three weeks.\r\n\r\n\u201cMore traders are realizing that U.S. soft-landing prospects might not be a good thing for conquering inflation.\u201d\r\n\r\nThe prospect of more rate hikes is coming amid upbeat economic data, including the latest weekly jobless claims count and the latest monthly retail sales data, both of which suggest the U.S. economy is moving in a positive direction.\r\n\r\nFor the Fed, however, this direction is not exactly positive because a tight labor market and higher spending could keep inflation higher for longer, hence the return of more rate hike expectations among traders.\r\n\r\nDespite all this, supply concerns have not disappeared. \"Momentum indicators are showing supply tightness. Investors have started increasing their bullish bets, net-long positions are reaching an annual high,\"\u00a0ANZ analysts said in a note today, as\u00a0 quoted by Reuters."

"Oil prices set for a weekly decline as economic concerns mount"

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