Concerns over Hurricane Francine have paused the decline in oil prices, as the storm has disrupted U.S. offshore oil production and raised fears of supply shortages.
Despite the temporary impact from the hurricane, a global economic slowdown and weak demand outlook threaten to limit any price rebounds, according to recent market analyses.
U.S. oil stockpiles have risen by 833,000 barrels, indicating a weaker oil market, further complicated by OPEC's downgraded global demand growth forecast for 2024.
China's economic challenges, including a struggling property sector and deflationary pressures, could further dampen global oil demand, limiting the potential for price increases.
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