Reported about 1 year ago
Oil prices are holding steady as attention is on China's economic situation and geopolitical tensions in Europe and the Middle East. Brent is trading above $85 following a 6% increase last month, while West Texas Intermediate is around $82. Geopolitical factors such as political risks in France and Israel, along with uncertainty surrounding US President Joe Biden's performance, are contributing to the market's volatility. Despite concerns of a global economic slowdown, increasing tensions in major oil-producing regions are keeping prices supported, although the possibility of a price surge is limited. Crude oil prices have been influenced by OPEC's production plans and a tight market structure, but rising US inventories have tempered some of the optimism.
Source: YAHOO