Bearish Sentiment Is Dominating Oil Markets

Bearish sentiment continued to dominate oil markets this week despite steep gasoline and diesel draws in the U.S.Friday, November 15th, 2024Steep gasoline and diesel inventory draws in the United States have helped offset the overwhelmingly bearish sentiment in the oil market, although it wasn’t enough to halt the decline in oil prices. With China posting its seventh successive month of refinery run declines and Jerome Powell cooling down expectations on U.S. interest rate cuts, Brent below $72 per barrel feels justified. Chinese…