US President Donald Trump and top White House officials dismissed concerns that US economic growth may be faltering, yet we still see a bearish forward view on the market from OPEC and the International Energy Agency.
Brent crude edged closer to the $60 (SR2225) barrier over the course of the week, finishing at $59.34 per barrel, while WTI deteriorated slightly to $54.17 per barrel. Prices remain relatively stable on a week-to-week basis and continued to move in a narrow band.
Still, oil futures speculators were broad-based sellers last week as the uncertainty over the outlook