Crude oil futures remain near their lows despite a larger-than-expected drop in distillate inventories, which may slightly buoy market demand expectations in the U.S. Anticipation of the Federal Reserve lowering interest rates could foster a more positive market sentiment. Additionally, ongoing geopolitical issues in the Middle East, particularly with Israel and U.S. military actions, may provide upward pressure. However, the overall market outlook is still influenced by global economic growth uncertainties and potential slowdowns in oil demand from China, alongside the risk of increased supply from OPEC and the U.S.
Crude oil futures showed some support due to a larger-than-expected drawdown in distillate inventories and expectations of eased interest rates by the Federal Reserve.
Geopolitical tensions in the Middle East, especially involving Israel and the U.S., could potentially drive the oil market up, but economic growth outlooks remain uncertain.
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