Concerns about demand have become the main market tone. Brent crude oil fell to a six-month low at one point, while US oil fell more than 4% during trading hours.

Despite the significant escalation of geopolitical tensions in the Middle East this week, which once briefly pushed up crude oil prices, the concern about economic recession has become the main market sentiment, and investors are worried about the demand for crude oil. Oil prices fell sharply on Friday, falling for four consecutive weeks, marking the longest decline since December last year.

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Oil Rises on Middle East Tensions But Demand Concerns Linger

WSJAug 2 04:02 ET

Poor prospects for supply and demand expectations led to a drop in oil prices to a two-month low.

Crude oil product showed a trend of first suppression and then rise overall this week (7.25-7.31).

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Oil: Recent Price Action Is Associated With Global Macro Flows – TDS

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