The IEA’s projection of slowing global oil demand growth and potential supply surpluses in 2024 adds to the bearish sentiment, particularly with China’s weakening economy and lower crude imports becoming a focal point. The increase in US oil and fuel inventories last week further underscores the softening demand outlook domestically.While oil is poised to break a five-week losing streak, the underlying factors suggest that this may be more of a temporary rebound driven by supply issues rather than a sign of a stronger market recovery. Looking ahead, the balance between supply disruptions and ongoing demand concerns will likely continue to influence price movements.More By This Author:Tech Stocks Rally As US Inflation Data Reinforces Expectations For Smaller Fed Rate Cut
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