Oil Prices Fluctuate Amidst Demand and Banking Concerns

Despite continued pressure on oil prices, the commodity will likely end the week with a gain. The main upward force in oil markets remains the expectation of returning Chinese demand, although most analysts believe the oil market won’t tighten until the second half of the year. The recent slew of bearish catalysts for oil prices includes the U.S. Energy Information Administration’s latest weekly report, which estimated another inventory build, the Fed’s interest rate hike, and Energy Secretary Jennifer Granholm’s statement on Thursday that the federal government will take its time with refilling the strategic petroleum reserve.