China's oil refiners processed 4.6% less crude in October compared to last year, highlighting ongoing economic recovery challenges and weak demand sentiment in the market.
Forecasts suggest global oil supply will surpass demand by 2025, even with OPEC+ cuts, indicating troubling supply dynamics for the crude market moving forward.
The market outlook remains bearish due to lower demand from China and rising production from the U.S. and OPEC+, limiting potential price recoveries.
U.S. crude inventories increased significantly last week, intensifying concerns over supply dynamics and reinforcing a negative sentiment in the global crude market.
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