The market for oil futures has shown signs of recovery, primarily influenced by new monetary stimulus measures from China which may boost economic growth and oil consumption.
In addition, the Federal Reserve's anticipated monetary policy easing is expected to provide further support for oil demand in the US, enhancing market sentiment.
Increasing tensions in the Middle East pose potential threats to oil supplies, with traders wary of how these confrontations could affect market stability and prices.
Traders are also closely monitoring the Gulf Coast as forecasts suggest a hurricane could disrupt oil production, prompting companies to take preventive measures like evacuations.
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