Early indications show that crude oil prices are rising as geopolitical tensions in the Middle East heighten, which makes traders cautious amidst potential new developments.
Optimism surrounding potential U.S. interest rate cuts has bolstered oil prices, as the anticipation of increased economic growth could lead to greater fuel consumption.
Concerns about a slowdown in consumer spending could lead to a decrease in oil demand, prompting analysts to revise oil demand forecasts downward.
China's continuing economic slowdown poses risks for global oil demand, alongside a recent unexpected increase in U.S. crude inventories that is limiting oil price gains.
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