Concerns about increased crude supply ahead of OPEC+'s potential hike by 180k barrels in October have intersected with China's declining manufacturing PMIs, indicating market tension.
With front-month crude futures breaking the low of $73.36, there’s a significant risk of prices falling further toward the multi-month range lows of $72.48 to $71.46.
US economic data will likely serve as a pivotal factor in determining whether crude prices will revisit key support levels; poor data spells further trouble for the market.
The combination of increased crude output and slowing Chinese growth has raised alarm in the oil market, showcasing the fragile balance between supply and demand.
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