Crude oil is on track to break its daily losing streak with nearly 1% gains, influenced by mixed U.S. service and manufacturing activity.
Service activity in August indicates sustained growth, while manufacturing faces its fastest contraction in 14 months, reflecting diverging trends in the U.S. economy.
While private sector activity in the eurozone has risen, new orders and employment data suggest underlying weaknesses, dampening oil demand expectations.
Geopolitical tensions in the Middle East could significantly impact oil prices; however, markets are currently overlooking the potential threats to energy supply security.
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