Crude oil prices fell on Tuesday due to rising inflation and demand concerns. However, the oil market faces significant uncertainty around the Fed, OPEC's production cuts, and weakening China indicators.
WTI is surging toward $100 after OPEC+ cuts extension in early September, supported by the latest API and China data. However, concerns about the impact of higher prices on inflation and the possibility of a recession in the US loom.
Oil reached a 3-month high following a big crude stock drop, marking the largest decline since 1982. We explore its impact on oil prices, the current situation in China, and the upcoming OPEC meeting due on Friday.
As the Chinese central bank continues cutting rates, on the one hand, and as disappointing economic data emerges on the other, volatility across the various market sectors has emerged. Find out more in this article.
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