Crude oil futures are struggling to recover after sustained losses due to weak demand signals and global economic uncertainties. Recent data from China shows softer-than-expected manufacturing performance, raising fears for the demand outlook from the world's largest crude importer. Additionally, unseasonably warm weather in the U.S. and Europe is decreasing heating fuel consumption. These factors, coupled with U.S. sanctions disrupting Russian oil supply chains, are contributing to a cautious market sentiment and limiting any potential recovery in prices.
Crude oil prices faced continued pressure due to weak demand indicators, especially from China, amid concerns over global economic uncertainties and U.S. sanctions affecting supply.
China's crude oil import demand has been hindered by U.S. sanctions on Russian oil, further complicating the outlook for the world's largest crude importer.
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