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Fundamentals will be of secondary importance in the short-term oil traders focus on financial instability, the potential for further interest rate hikes, and supply rumors.
Fears about further rate hikes from the Federal Reserve and the ninth consecutive rise in U.S. crude inventories pressured crude prices this week
Oil markets appear to be increasingly sensitive to U.S. economic data, with inflation fears adding plenty of downward pressure to oil prices
Crude prices have gained almost 10% this week on the back of rebounding Chinese demand and a weaker dollar, but a hawkish Fed and rising U.S. crude inventories have capped gains
A slew of bearish news has put oil prices under pressure this week, with traders ready to test the lower end of the long-term trading range