Oil is getting ready to sprint, but demand headwinds loom
Oil remains supported by tightening supply, both voluntary (by Saudi Arabia) an d forced (by Iran and Venezuela).
Worries about growth and future demand for crude oil continue, but at this stage, the market instead is responding to the continued tightening of supplies.
A broadening global economic slowdown is also putting a dent on oil prices.
On the US-China trade war front, there are signs of progress in high-level talks in Beijing. But the element of uncertainty still clouds the outlook for the global economy, damaging demand for oil.
