Crude oil prices saw a modest increase of 0.4% amid rising concerns about supply disruptions due to a potential hurricane in the Gulf of Mexico.
Despite the rebound in oil prices, fears of declining demand from China, characterized by weak consumer and producer inflation rates, loomed large over market sentiment.
The US National Weather Service reported a disturbance in the Gulf that could rapidly develop into a tropical storm or hurricane, impacting supply chain stability.
Negative economic indicators from the Eurozone and specifically Germany's economy raise fears of recession, potentially exerting more pressure on already declining oil prices.
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