Demand concerns continue to weigh on oil prices even as Ukraine pushes further into Russian territory and Israel awaits a retaliation from Iran.
Oil prices are under pressure from continued demand concerns but geopolitical risks and the recent rally from last week's crash means Brent is still sitting comfortably above the psychologically-important $80 mark.- Ukraine’s incursion into Russia n territory, occupying parts of the Kursk region in and around the key pipeline station in Sudzha, have sent European natural gas prices soaring to their highest this year to date.
’s belated acknowledgment that 2024 demand growth will not be as stellar as they’ve signaled for months has sapped some of that upward momentum, but Brent futures still sit comfortably above $81 per barrel. Finally Cuts 2024 Demand Outlook. The Organization of Petroleum Exporting Countries cut its forecast for global oil demand growth in 2024 on the back of weaker-than-expected H1 data and a slacker outlook for China, predicting 2.11 million b/d year-over-year growth, down 140,000 b/d from the previous forecast.Oil Investors Lose Hope in Bullish Future.
Brent Supply Demand Oil Prices Geopolitics Israel Russia
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