Oil prices are remaining steady, but are likely to finish the week with a decline due to rising concerns regarding weakened demand in both the U.S. and China.
The decline in U.S. employment data has exacerbated fears of an upcoming recession, which poses a risk to overall oil consumption levels, complicating market dynamics.
Russia's ability to circumvent sanctions and a forecasted increase in U.S. shale production by 4.5% are both anticipated to put downward pressure on global oil prices.
OPEC’s future strategic adjustments, including potential changes to production cuts, could influence the balance of supply and demand, offering a possibility for oil prices to recover.
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