15 July 2024
Oil prices remained relatively stable on Monday as conflicting factors influenced the market. Concerns about demand in China, the world’s largest oil importer, exerted downward pressure following slower economic growth and reduced crude imports. However, this was offset by strong demand elsewhere, OPEC+ supply restraints, and ongoing geopolitical tensions in the Middle East. The market also reacted to the attempted assassination of former U.S. President Donald Trump and fluctuations in the U.S. dollar. Despite these various influences, oil prices saw only minor changes, with Brent crude and WTI experiencing slight declines. Analysts note that while Chinese data is not supportive, demand growth in other regions remains healthy, and geopolitical factors continue to provide a premium for oil prices.