Oil prices hold near January lows as demand concerns persist, rebound possible

Oil prices are near their lowest levels since January, with Brent crude below $76 a barrel and West Texas Intermediate around $72.

Concerns about weakening demand in the US and China have erased Brent’s gains for the year, despite a drop in US crude inventories.

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The market is also focused on potential signals from Federal Reserve Chair Jerome Powell about the US economy’s direction.

Analysts believe that weather disruptions and geopolitical risks could trigger a rebound in oil prices, possibly pushing them back to the $80 range.