Crude prices are seeing marginal gains this week, driven by easing concerns about a US recession due to stronger-than-expected retail sales and jobless claims.
Despite some positive economic indicators, the production side of the US economy struggles with a 0.6% month-over-month decline in industrial output.
Geopolitical risks are keeping a price floor under crude as traders remain cautious over potential Iranian retaliation following the assassination of a Hamas leader.
A genuine rally in crude prices hinges on a substantial and synchronized increase in global demand, which so far remains out of reach.
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