Weekly Fundamentals - Crude Oil Rose, Shrugging Off Downgrades of Global Growth Estimates
RitaOil prices surged amid optimism over US’ economic recovery whilst anticipation of Fed’s tapering of QE measures was downplayed. Three oil agencies released their latest global demand outlook which was largely the same as the previous month. Yet, the IEA’s report showed that non-OECD oil demand overtook OECD for the first time in April. On macroeconomic outlook, both the World Bank and the IMF revised down the GDP growth estimates.
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Weekly Fundamentals - Crude Oil Rose, Shrugging Off Downgrades of Global Growth Estimates
