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.
Express News | Shares of Oil and Gas Stocks Are Trading Lower Despite Middle East Tensions. Weak US Economic Data May Be Weighing on Demand Outlook
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Oil Rises on Middle East Tensions But Demand Concerns Linger
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 Prices Surge On Risk Of Broadening Middle East Conflict
Express News | U.S. Crude Futures Rise Nearly $1 to Intraday High of $75.71/bbl Following News of Hamas Chief's Death in Iran
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Jefferies Maintains Petroleo Brasileiro SA Petrobras(PBR.US) With Hold Rating, Maintains Target Price $17.7
Citi Maintains Petroleo Brasileiro SA Petrobras(PBR.US) With Hold Rating
The Biden administration is seeking additional funds to bolster the petroleum reserves. The energy department only has 1.2 billion US dollars left in its account to purchase crude oil products.
The US Department of Energy has been slowly replenishing its global strategy petroleum reserves, which have decreased to an unprecedented low since the Russia-Ukraine conflict, reaching the lowest level in forty years.
Petrobras Bids for Galp's Namibia Oil Field, Seeking Opportunity Abroad - Reuters
Wall Street determines: Trump's bearish on oil prices.
Goldman Sachs and Citigroup both believe that Trump's tariff policy may bearish for oil prices. Goldman Sachs said that if tariffs severely affect the global economy, oil prices may fall by $11 to $19 per barrel next year.