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Crude oil futures were seeing some volatility but may face further pressure due to mixed economic results from China and revised demand forecasts.
The market found some support and stabilized to a certain extent following a report from the Energy Information Administration (EIA) that showed declines in U.S. crude oil, gasoline, and distillate inventories.
However, crude prices are expected to post their largest weekly loss since early September, primarily due to OPEC and the International Energy Agency cutting their forecasts for global oil demand in 2024 and 2025.
In the near term, crude prices may remain volatile as geopolitical conditions continue to change. Positive U.S. economic data has helped alleviate some growth concerns, but market participants continue to monitor potential demand recovery in China following recent stimulus measures.
While U.S. retail sales rose slightly more than expected in September, China’s economic growth slowed, raising worries about overall oil demand. In the meantime, traders could continue to monitor upcoming economic and crude inventory data as well as changes in geopolitical conditions.
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