Oil futures clawed back some losses on Wednesday, recovering from 7-week lows as geopolitical tensions rose after Israel retaliated against an attack by...
SINGAPORE - Oil futures clawed back some losses on Wednesday, recovering from 7-week lows as geopolitical tensions rose after Israel retaliated against an attack by Hezbollah , although prices remained under pressure from concerns about demand in China .
The latest attack took place despite diplomatic efforts by U.S. and UN officials to avert a major escalation that could inflame the wider Middle East.Oil prices have fallen on lingering concerns about China's demand outlook, ongoing optimism towards a ceasefire in Gaza and expectations that this week's OPEC+ meeting is unlikely to deviate from its current plan to start unwinding cuts from October, IG analyst Tony Sycamore said in a note.
"While crude oil remains below the 200-day moving average at $78.66, downside risks remain towards trendline support in the $74.20/00 area," Sycamore said, adding that a sustained break below $74 would open up a move towards $70.Slowing fuel demand in China, the world's largest crude oil importer and the biggest contributor to global demand growth, is also weighing on oil markets.
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