Crude oil prices are steady as traders await fresh clues on the outlook for demand and supply. Brent crude is flat at $83.90 a barrel and WTI is also unchanged at $80.11 a barrel. The market is waiting to see if anything comes from speculation that the U.S. is considering easing sanctions against Venezuela and Iran, which could open the door to more crude-oil exports.
Meanwhile, weakness in China’s economy and concerns the Federal Reserve could yet still raise interest rates are hanging over oil’s demand prospects. “The demand outlook in the coming months remains clouded with uncertainty and will in our opinion cap the upside potential,” Saxo says in a note.
Source: WSJ
