"The main cause for the bearish sentiment has been a steady slowing of crude demand growth, especially in China," wrote Henning Gloystein, the practice head of energy, climate, and resources at the Eurasia Group, last month.
Despite global geopolitical tensions, oil prices nudged up only slightly, indicating divided market sentiment, largely due to China's declining economic performance and crude demand.
Beijing's recent economic stimulus package aimed to boost market sentiment but many analysts believe it doesn't address the underlying issues of recovery, property crisis, or deflation.
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