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Benchmark crude oil prices will extend losses this week as risk aversion stoked by lingering political uncertainty in Europe continues to haunt markets, CNBC's weekly survey of market sentiment showed.
About 45 percent, or five out of 11 respondents, polled in a weekly CNBC poll of analysts and traders, expect oil prices to fall this week. Three respondents believe prices will be unchanged while three forecast a gain.
Though Europe will continue to provide the negative overlay, a weekend move by China’s central bank to cut banks’ reserve requirement ratio (RRR) for the third time in six months may prove supportive.
Meanwhile, closely watched U.S. economic indicators including housing starts, retail sales and industrial output for April will also set the tone but more importantly Wednesday’s Fed minutes from its last meeting in late April will be scrutinized for any clues suggesting more stimulus may be on the cards.
China’s central bank cut the amount of cash that banks must hold as reserves on Saturday, freeing an estimated 400 billion yuan ($63.5 billion) for lending to head-off the risk of the sudden economic slowdown.
The latest easing move could mark the “turning point for more easing with more conviction,” Chi Lo, CEO of HFT Investment Management told CNBC Asia's " The Call "today.
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