Oil Prices Set For Another Weekly Loss As Sentiment Shifts

After rallying at the start of the week, oil prices have offset their gains and are about to end the week with another loss as U.S. inventory data and rising doubts about the speed of China’s economic recovery shift sentiment. According to Quantum Market Intelligence, the weekly drop is set to be about 5 percent. “The crude demand outlook needs a clear sign that China’s reopening will be smooth and that the US economic growth momentum does not deteriorate quickly,” Oanda senior analyst Ed Moya told the news outlet.…