Overview

• Oil prices rose early in the week due to fears of an imminent Iranian attack on Israel, then fell as the threat appeared to recede.
• The International Energy Agency maintained its 2024 global oil demand growth forecast but reduced its 2025 estimate due to a weakened Chinese economy.
• U.S. crude and gasoline inventories are reported to have fallen, indicating higher demand, while distillate stocks increased.
• OPEC+ plans to raise output from October, potentially leading to a surplus if demand does not meet expectations.
• Traders are also closely watching U.S. inflation data for indications of future economic activity and energy demand.