Crude prices have attempted to rebound despite sharp declines, as speculation about a ceasefire in the Middle East raises concerns over potential supply chain disruptions.
Ongoing geopolitical risks keep traders tense, as any escalation could impact Iranian oil infrastructure and disrupt supply routes, temporarily supporting crude prices.
Weak demand fundamentals suggest a bearish outlook for oil prices in the medium to long term, with US crude inventories surging and the EIA revising global demand growth downward.
China's economic slowdown dampens recovery expectations for oil demand, while industrial production slowdowns in the US and China further weigh on prices.
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