Overview

• Oil prices hit a six-week low due to ceasefire talks in Gaza and weak demand in China.
• U.S. crude oil futures rebounded slightly after reports of falling inventories.
• Wildfires in Canada threaten up to 400,000 barrels per day of oil production.
• Biden's exit from the reelection race has minimal impact on oil markets.
• Market analysts predict a potential oil surplus by 2025.