Oil futures have experienced a slight dip as geopolitical risks have stabilized. The market will be closely monitoring developments regarding U.S. crude inventory levels and upcoming economic data releases.
US Secretary of State Antony Blinken's diplomatic efforts regarding Gaza and Lebanon could alleviate concerns about oil supply disruptions, potentially leading to lower oil prices in the near future.
Amid concerns over China's economic challenges, the International Energy Agency foresees weak oil demand growth through 2025. This adds pressure to the oil market, influencing traders' sentiments globally.
A stronger dollar is creating additional downside risks for oil prices. As traders navigate through these economic indicators, a bearish outlook for crude oil appears likely.
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