Crude oil futures were under pressure due to significant concerns about weakening global demand dynamics, particularly highlighted by a drop in China's refinery throughput.
The International Energy Agency’s forecast indicates that even if OPEC+ production cuts persist, global oil supply will exceed demand in 2025, reinforcing bearish market sentiment.
Geopolitical tensions have created volatility; however, their impact on oil supplies has been limited, with demand concerns prevailing in shaping the market's direction.
Factors such as the decrease in U.S. operating oil rigs and uncertainties in interest rate decisions have contributed to a negative outlook for crude oil prices.
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