Chinese demand for oil is expected to keep climbing at an assured rate during the second half of the year, said Kuwait Petroleum Corp’s chief executive.
Still, a weak economic outlook looms over market sentiment, as China’s industrial output and retail sales growth in May missed forecasts. Concerns around interest rates also weighed, with investors worried that higher rates would slow the U.S. and European economies and reduce oil demand. The European Central Bank raised interest rates to a 22-year high as expected on Thursday. It signaled further policy tightening, as it battles high inflation.
In the United States, data showed retail sales unexpectedly rose in May, along with higher-than-expected jobless claims last week. The news on Thursday cut the dollar to a five-week low versus a basket of other currencies.In early trade on Friday, the dollar index edged higher