Oil prices near January lows amid demand concerns

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

Oil prices are trading near their lowest levels since January as concerns about weakening demand in the US and China overshadow falling US crude inventories. Traders are watching upcoming remarks from Federal Reserve Chair Jerome Powell for insights, while analysts suggest potential price rebounds due to weather and geopolitical risks.

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.

 

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