Crude oil futures experienced a modest rebound after decline, yet overall market sentiment remains cautious due to OPEC's downward revision of global oil demand growth forecasts.
OPEC's recent adjustments have highlighted substantial reductions in expected demand, especially from China, signaling significant headwinds for any potential rise in crude oil prices.
The overall bearish outlook on demand, particularly from leading economies, restricts the market's ability to maintain upward pricing momentum in the near to mid-term.
Increased U.S. oil production, alongside geopolitical risks from potential supply disruptions, is expected to contribute to a prolonged consolidation of oil prices at current levels.
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