Cautious trading in oil markets continues as markets await OPEC discussions, indicated by a general downtrend despite production cuts, highlighting demand over supply issues.
Oil prices remain in decline despite OPEC’s efforts to maintain levels by extending production cuts, emphasizing that the struggle primarily revolves around demand rather than supply.
The mixed data from China and its inability to revive demand, coupled with disappointing European economic activity, creates persistent downward pressure on crude prices.
With the incoming US administration potentially easing trade terms, there is cautious optimism for future demand recovery in China, which remains critical for oil markets.
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