Crude oil prices dropped early today due to hopes for easing Middle East tensions with progress in Gaza ceasefire talks. However, prices slightly rebounded on positive factors such as robust German industrial growth and decreased investor pessimism in the Eurozone.
German industrial production surged by 2.1% in February, the fastest in a year, boosting construction, automotive, and chemical sectors but seeing a decline in electricity production.
Eurozone investor sentiment hit a two-year high with Sentix Investor Sentiment Index at -5.9 in April, surpassing expectations, indicating improved market outlook and reduced pessimism.
Despite strong US economic data, concerns of higher interest rates have emerged, potentially impacting energy markets. The anticipated global interest rate cuts to boost demand could face disruption.
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