Crude oil futures are constrained by weak demand forecasts from OPEC and the International Energy Agency, while geopolitical risks in the Middle East persist.
Despite declining crude oil inventories in the U.S., the overall market sentiment remains bearish, emphasizing the importance of upcoming economic data from China.
China's attempts to bolster housing financing could potentially lift crude oil demand, but current signs of weak demand continue to dominate market sentiment.
Attention is focused on China’s Q3 GDP report, with expectations of a slight decline in growth, which may further pressure crude oil prices.
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