Slower-than-expected economic growth in China and declining oil imports have influenced the downward pressure on oil prices, compounded by concerns over the removal of OPEC+'s production cuts.
Geopolitical tensions, particularly in the Middle East, continue to be a significant driver in the oil market, potentially limiting upward movements even amidst hopes for a ceasefire.
Disputed election results in Venezuela could prompt increased US sanctions that may restrict oil exports, adding to the complexities affecting oil prices globally.
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