WTI Crude oil prices fluctuated near $80 per barrel on Monday as traders weighed hopes for a demand recovery in China and growing tensions in the Middle East against fears of a global economic slowdown and the resilience of Russian supply.
Chinese authorities said over the weekend that they would promote consumption recovery as a major economic driver and boost imports, sparking demand optimism in the world’s top crude importer.
In the Middle East, Israel carried out a drone strike against a target in Iran over the weekend, fueling fears of supply disruptions.
Meanwhile, the US oil benchmark dropped more than 1% on Friday as Russian oil supply remained robust despite Western sanctions amid strong demand in Asia.
Investors also turned cautious ahead of key policy decisions from major central banks this week, amid concerns that tighter financial conditions could finally tip the global economy into recession.
Crude oil prices fluctuated near $80 per barrel on Monday as traders weighed hopes for a demand recovery in China and growing tensions in the Middle East in the fears of a global economic slowdown also the resilience of Russian supply.
While China authorities said over the weekend, they would promote consumption recovery by a major economic driver also boost imports, the sparking demand optimism in the world’s top crude oil importers.
Also in the Middle East the Israel carried out a drone strike against a target in Iran over the weekend, fueling fears of supply to a target in Iran over that’s fueling fears of supply disruptions
Meanwhile, the US oil benchmark dropped more than 1% on Friday as Russian oil supply remained robust despite Western sanctions amid strong demand in Asia.
However, Investors also turned their key policy decisions from major central banks, amid concerns to tighter financial conditions that could tip the global economy into recession.
