Negative Tone for Oil Prices from US and China Data

Benchmark oil prices are set to decline further this week with U.S. Crude possibly breaking the $90 a barrel support and Brent touching $100, on recent downgrades to global oil demand forecasts.

Easing growth in China and pessimism about the U.S. recovery after a surprise 0.4 percent contraction in retail sales last month are likely to push oil prices lower, according to CNBC’s latest survey.

Eight out of 13 respondents, or about 62 percent, expect prices to soften this week while the remaining five are neutral on the market. U.S. earnings – 74 S&P 500 companies report first-quarter numbers – and economic data including the Fed’s survey of regional economic activity are likely set the tone for financial markets this week.


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