Oil rises after a tough week

Oil focused on three reports that could explain the demand outlook this week.

Brent rose above $ 72 a barrel after losing about 10 percent last week, while US crude oil is close to $ 69. Oil’s recent losses are due to signs of slowdown in the US and China.

Investors will get plenty of market insights this week as three key reports; OPEC, the Energy Information Administration and the International Energy Agency release their monthly outlooks. In addition, the Asia Pacific Petroleum Conference, an important industry gathering, is being held in Singapore.

There has been widespread softness in product markets, including US gasoline and European diesel. This weakness prompted OPEC+ to postpone supply restrictions by two months.

“OPEC+’s announcement to postpone the start of its planned production increase suggests that the producer group is focused on stabilizing the market,” Morgan Stanley analysts, including Martijn Rats, wrote in a note. Unless demand weakens further, we forecast Brent will likely hold steady in the mid-$70s.”