Crude oil prices have stabilized slightly after last week's declines due to fears about weakening demand from China, which is experiencing its slowest growth in 2023.
The expectations for a quick recovery in oil demand are being dampened by China's economic slowdown, even amid ongoing stimulus efforts from Beijing.
Despite a hint of de-escalation from President Biden, geopolitical tensions continue to present risks, contributing to ongoing market volatility and pressure on crude oil prices.
Reduced U.S. oil and gas rig activity might help support prices if the trend persists, while optimism remains regarding China's oil demand amid governmental stimulus efforts.
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