Crude oil prices took a downturn as traders anticipate a Federal Reserve meeting, where a rate cut is expected, leading to cautious market behavior.
Geopolitical risks, particularly potential new US sanctions against Russia and Iran, are providing some level of support for oil prices amidst the bearish market sentiment.
The combination of ongoing supply constraints and supportive monetary policies could improve the market outlook, even as soft demand forecasts from China raise concerns.
While recently imposed cuts by central banks may bolster oil prices, forecasts highlighting increased supply in 2025 could temper any significant bullish sentiments.
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