Oil gains on trade optimism, then slips on Iran talks – Commerzbank

FXStreet Insights Team FXStreet

Oil prices rose significantly earlier this week, before falling again recently, Commerzbank's commodity analyst Carsten Fritsch notes.

China’s April crude data could boost Oil prices further

"They benefited from the easing of the trade conflict between the US and China, which has brightened the outlook for oil demand in the two most important oil-consuming countries. The data on crude oil processing for April, which will be published by the Chinese National Bureau of Statistics at the beginning of next week, could shed light on the current state of oil demand in China."

"Crude oil imports surprised on the upside in April. If the same applies to crude oil processing, this would provide a tailwind for oil prices. News on the ongoing nuclear negotiations between the US and Iran, which are responsible for the recent price decline, would probably also have an impact on oil prices."

"The two sides are apparently getting closer, fuelling hopes of a new nuclear agreement and a lifting of US sanctions. As such, there are currently two opposing influencing factors on the oil market that could cause prices to move in one direction or the other."

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FXStreet Insights Team

FXStreet

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