August 2, 2024 (Investorideas.com Newswire) Crude futures were volatile but could remain under pressure and could decline for the fourth consecutive week driven by weaker global fuel demand. Disappointing economic data from China and reduced manufacturing activity across Asia, Europe, and the US have offset the rising geopolitical tensions in the Middle East
The economic slowdown in the world's largest oil importer, China, impacted negatively crude prices. Lower crude oil imports in China have further hurt demand prospects. Although there was stronger-than-expected US domestic oil demand for May, overall demand concerns overshadow these positive signs.
On the supply side, OPEC's Joint Ministerial Monitoring Committee (JMMC) could maintain its current production policy. However, the organisation could postpone its plans for production hikes if necessary. Lower oil prices could drive the organisation toward some adjustments. Otherwise, higher supply could weigh on prices in the coming months.
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