Oil Markets Struggle To Overcome Bearish Sentiment

Bearish sentiment has continued to build in oil markets this week despite OPEC boosting its outlook for Chinese demand and the Biden administration hinting that they may soon refill the SPR.Friday, May 12th, 2023The oil price slide has continued this week as recessionary fears have been aggravated by a reversal in crude inventory draws, even the carefully worded DOE announcement that they might start refilling SPRs failed to spark a sustainable price recovery. OPEC tried to intervene with its monthly report, hiking Chinese demand growth this…