Crude oil futures experienced a rebound fueled by increasing geopolitical tensions and signs of rising demand, particularly from the Chinese market, amid ongoing supply concerns.
The ongoing escalation of the Ukraine conflict pushes traders to assess Russian oil export disruptions, which poses potential supply concerns that could impact the market.
U.S. crude oil inventories increased by 4.75 million barrels, exceeding expectations, but lower demand concerns could still weigh on market prices, creating volatility.
Iraq's fuel oil exports are projected to reach record levels in 2024, potentially easing prices further as increased shipments counterbalance domestic demand.
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