August 20, 2024 (Investorideas.com Newswire) Crude oil futures proceed to level decrease as a result 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 gas demand and slower financial progress. This marked the bottom degree since September 2022, as the continued property disaster weighs on the Chinese language economic system.
Within the geopolitical area, current ceasefire talks between Israel and Hamas have eased some provide considerations, however ongoing tensions within the Center East proceed to pose dangers.
In the meantime, anticipated Fed fee cuts in September might enhance oil demand. Nevertheless, the market is intently monitoring the upcoming EIA US Crude Oil inventories report. The earlier report, masking the week ending August 9, confirmed an surprising improve 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 extra strain.
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