Source: Business Insider
Summary List Placement Crude oil looks set to finish this week with a third consecutive weekly decline and a key market sentiment indicator has turned negative for the first time this year. This is despite a jump in prices since the middle of the week after the blockage of the Suez Canal by a container ship that had run aground. The passage is a key shipping route for crude and refined products and news on Friday that the vessel may take weeks to dislodge gave the market further support. However, the short-term outlook for oil is looking volatile. The physical markets are showing signs of weakening, as refineries in key consumption hubs, such as China, shut down for seasonal maintenance and as a third wave of COVID-19 across Europe threatens to dampen demand across the region at the same time. However, Goldman Sachs analysts in a March 24 research note said they still see a clear path to higher oil prices by year-end, with a view that the price of Brent crude – the global benchmark – will reach $75 a barrel, from around $63 a barrel right now.