Crude oil prices are projected to see their largest weekly drop since early September due to OPEC and the International Energy Agency revising global demand forecasts downward for 2024 and 2025.
Despite initial volatility, the crude oil market stabilized somewhat after the EIA reported declines in U.S. crude oil, gasoline, and distillate inventories, offering a temporary relief to prices.
While U.S. retail sales have risen more than anticipated, concerns persist about China's slowing economic growth and its implications for global oil demand recovery, prompting traders to stay cautious.
Traders are advised to keep an eye on economic data and geopolitical conditions as these factors will likely impact the volatility and trajectory of crude oil prices in the near term.
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