Crude oil futures faced downward pressure as concerns over Chinese demand emerged, combined with anticipation surrounding the U.S. Federal Reserve's interest rate meeting.
Despite a recent rally, the market's pullback was a response to profit-taking and disappointing economic data out of China, particularly related to consumer spending.
Market sentiment is cautious ahead of the Fed's policy meeting, where a quarter-point interest rate cut is expected that could influence oil demand and pricing.
The Fed's interest rate decision may provide insights into future policy direction, especially regarding inflation responses, impacting global crude prices.
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