Crude oil prices have been fluctuating around $71 per barrel without major breakthroughs, largely due to geopolitical tensions and concerns about a global economic slowdown.
The Middle East's rising tensions, particularly the continued Israeli airstrikes on Hezbollah, significantly impact oil supply stability, increasing prospects for market volatility.
U.S. PMI data reflects improved economic activity, indicating potentially increased oil demand, while Europe shows declining economic conditions that might reduce oil demand.
The significant divergence in economic performance between the U.S. and Europe can create conflicting expectations for global oil prices, resulting in further market instability.
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