Crude oil futures have bounced back amid supply disruptions caused by tropical Storm Francine, leading to halted operations at some Gulf of Mexico facilities.
A larger-than-expected drawdown of API crude inventories, with a reduction of 2.79 million barrels, has driven market participants to adjust their positions.
Despite the recovery, the global oil market faces tension from worries about demand, influenced by recent OPEC+ downward revisions and ongoing concerns about a slowing global economy.
With upcoming U.S. inflation data poised to influence market volatility, any uptick in CPI new data could spell downside risks for oil prices.
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