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Oil set to snap two-week losing streak on China demand optimism

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Oil prices were set to snap a two-week losing streak despite trading lower Friday, amid optimism about higher energy demand from China and a weaker dollar.

A weaker dollar makes oil cheaper for holders of other currencies, which could boost demand.

Analysts also expect voluntary crude output cuts implemented in May by the Organization of the Petroleum Exporting Countries and its allies, and by Saudi Arabia in July, to support prices. Still, a weak economic outlook looms over market sentiment, as China's industrial output and retail sales growth in May"Crude prices are trying to find support as the global growth outlook remains vulnerable to further shocks from aggressive rate hiking campaigns," Edward Moya, an analyst at OANDA said in a note.

 

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