Brent Crude futures showed price improvement as OPEC+ meets tomorrow, while the short-term price trajectory is predicted to stay between $70 and $76, influenced by China's economic recovery.
U.S. sanctions on Iranian oil and geopolitical issues in Lebanon and South Korea reinforce crude's significance as a hedge against uncertainty, driving acute market reactions.
Robust economic data from both the U.S. and China, including exceeding job openings and manufacturing indices indicating growth, suggests a strong potential for oil demand recovery.
Concerns linger as oil prices struggle beyond $75 resistance; volatility could follow Friday's U.S. Nonfarm Payrolls report, which will test confidence in ongoing economic recovery.
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