This week, crude oil prices have remained relatively stable, with WTI and Brent trading in a narrow range, reflecting inconsistent market reactions to geopolitical events.
The latest news regarding suspended Libyan output and exports sparked a brief uptick in prices, but traders quickly pivoted to sell, highlighting the transient nature of such spikes.
Crude bulls are finding it increasingly challenging to rely on geopolitical events for sustained price increases, necessitating a more significant rise in demand which is currently lacking.
Looking ahead to the Labor Day weekend, market participants remain cautious, awaiting the upcoming US jobs report, which could influence discussions around potential Fed rate cuts.
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