Concerns over weak global demand, particularly in the Eurozone and China, have driven crude oil prices down, with Brent dropping to $73.00 per barrel.
In Europe, the decline in business activity linked to economic slowdowns is reducing oil demand, increasing fears of a prolonged recession.
China's inability to show stronger economic growth is exacerbating the demand for oil, leading to significant declines in prices despite supply-side tensions.
Although geopolitical tensions traditionally raise oil prices, weak demand concerns have dominated market sentiment, causing unprecedented price drops.
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