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Crude oil futures continue to point lower due to persistent weak demand from China.
In July, China’s crude oil imports from Russia fell by 7.4% year-on-year, driven by sluggish domestic fuel demand and slower economic growth.
This marked the lowest level since September 2022, as the ongoing property crisis weighs on the Chinese economy.
In the geopolitical arena, recent ceasefire talks between Israel and Hamas have eased some supply concerns, but ongoing tensions in the Middle East continue to pose risks.
Meanwhile, anticipated Fed rate cuts in September could boost oil demand. However, the market is closely monitoring the upcoming EIA US Crude Oil inventories report. The previous report, covering the week ending August 9, showed an unexpected increase of 1.357 million barrels, halting a six-week decline and defying forecasts of a 1.9 million barrel drop. Should inventories continue to rise for the week ending August 16, crude prices could face additional pressure.
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