August 20, 2024 (Investorideas.com Newswire) Crude oil futures proceed to level decrease on account of persistent weak demand from China. In July, China’s crude oil imports from Russia fell by 7.4% year-on-year, pushed by sluggish home gasoline demand and slower financial progress. This marked the bottom stage since September 2022, as the continuing property disaster weighs on the Chinese language economic system.
Within the geopolitical enviornment, latest ceasefire talks between Israel and Hamas have eased some provide issues, however ongoing tensions within the Center East proceed to pose dangers.
In the meantime, anticipated Fed charge cuts in September might increase oil demand. Nevertheless, the market is carefully monitoring the upcoming EIA US Crude Oil inventories report. The earlier report, protecting the week ending August 9, confirmed an sudden enhance of 1.357 million barrels, halting a six-week decline and defying forecasts of a 1.9 million barrel drop. Ought to inventories proceed to rise for the week ending August 16, crude costs might face further strain.
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