#crude-oil

#crude-oil

Crude oil prices were volatile and retreated following a sanctions-driven surge on Tuesday. The market could remain sensitive to the possibility of fresh US sanctions and is assessing the measures targeting vessels involved in Iran's oil shipping network. Traders could also remain cautious ahead of Sunday's OPEC+ meeting on September 7th. The consensus anticipates that the eight members participating in voluntary cuts to maintain current levels, putting a pause to their production increases and potentially anchoring prices within the established range.

The prevailing softness reflects mounting concerns regarding global demand in the context of escalating trade tensions between the United States and its trading partners, including the European Union.

Crude oil futures are struggling to move above $67 due to mixed signals in the market, reflecting strong refinery activity and inventory issues.