WTI Crude Oil Prices Ease After Release of Chinese GDP Data
WTI crude oil prices dipped lower on the release of China’s Q1 GDP figures after receiving a boost on Friday after US President Donald Trump unveiled his proposal for a phase-by-phase revival of the economy over the coming weeks. At the time of writing, WTI crude oil is trading around $19.79 per barrel.
On Thursday, Trump announced a multi-stage process for removing lockdowns and reviving economic activity across the US. The possibility of a sooner than expected resumption of economic activity in one of the world’s largest energy consumers is supporting crude oil prices and driving them higher.
Crude oil has also seen some gains over hopes that the coronavirus pandemic could be easing after a slowdown in the rise of cases across the world. Expectations of the pandemic peaking have increased the risk appetite in global financial markets and raised hopes of a possible uptick in oil demand as economies start working towards recovery.
However, gains remain capped as demand continues to remain weak in the wake of the ongoing shutdowns across several countries still in place. OPEC also revised its global oil demand forecasts for the year lower, expecting oil demand to fall by 6.9 million bpd as a result of the coronavirus crisis.
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