Oil Prices Fluctuate Amid Mixed Signals on Global Demand and Supply
Despite a brief rally following OPEC+ decision to maintain output cuts, oil prices face weekly losses due to strong US jobs data and geopolitical developments.
- Oil prices experienced a brief rally after OPEC+ decided to maintain its output cuts, but are set for weekly losses.
- Strong US jobs data reduced the likelihood of near-term Federal Reserve rate cuts, impacting oil demand expectations.
- Geopolitical developments, including a potential Israel-Hamas ceasefire and Houthi attacks, influenced market sentiment.
- The US Federal Reserve's decision to maintain interest rates and signals of future cuts supported oil prices temporarily.
- Concerns over China's economic recovery and its impact on global oil demand continue to loom.
CNA 
CNBC 
