Oil prices are being pressured by Saudi Arabia's potential shift from its unofficial price target, combined with weak global demand and geopolitical tensions.
Concerns around China's economic recovery and the possible return of Libyan oil to the market are compounding the worries about oil price stability.
While a strong U.S. GDP growth forecast for Q2 could support oil prices, disappointing economic data may lead to increased volatility in the crude market.
The market is faced with significant uncertainty due to geopolitical tensions and weak demand from major economies, which could lead to unpredictable fluctuations.
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