Crude oil futures are under pressure due to weak demand from China, with July imports from Russia down 7.4% year-on-year, the lowest since September 2022.
Ceasefire talks between Israel and Hamas have eased supply concerns, but ongoing tensions in the Middle East contribute to the volatility in crude oil prices.
The anticipated Fed rate cuts in September may enhance oil demand, although the market is wary of the EIA US Crude Oil inventories report's impending release.
An unexpected increase in crude inventories to 1.357 million barrels for the week ending August 9 defies forecasts and may increase pressure on crude prices.
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