Oil prices are set to conclude the week with a 2% gain, bolstered by encouraging signs from China and a softening dollar, despite geopolitical tensions. China’s robust import data suggests stable domestic demand, maintaining steady oil consumption expectations.
In the U.S., a drop in crude inventories coupled with a rise in travel demand signals strong oil usage, even as gasoline and diesel demands remain subdued since the 2020 pandemic. The possibility of the U.S. Federal Reserve cutting interest rates due to a cooling labor market further supported oil prices.