Despite increasing geopolitical tensions, oil futures are declining primarily due to OPEC+ potentially increasing supply while concerns about demand loom, particularly from China.
As OPEC+ considers phasing out production cuts in December, oil prices could face added pressure, overshadowing fears related to ongoing tensions in the Middle East.
Chinese manufacturing contraction in September has pressured crude prices, but stimulus measures may boost economic growth and future demand for crude oil.
Currently, the Middle East conflict has not disrupted oil supply significantly, leading to a muted market reaction as traders await U.S. inventory data.
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