The EIA's report revealed a significant drop in U.S. crude oil stocks by 4.2 million barrels, greatly exceeding the expected reduction and fueling market optimism.
Investors are encouraged by the less saturated U.S. oil market, interpreting the inventory reduction as a potential move toward short-term equilibrium in crude prices.
With ongoing expectations of economic stimulus in China, the market sentiment remains optimistic, as higher demand from such a large consumer may counteract global economic slowdown worries.
Despite the price increase, subdued trading volumes due to holiday activities indicate that the market could face greater volatility as regular trading resumes in January.
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