Overview

• Oil prices are on track to end higher for the second consecutive week following a significant U.S. interest rate cut.
• Brent crude futures gained 4.3% this week, while U.S. crude futures increased by 4.8%, recovering from near three-year lows.
• The U.S. Federal Reserve cut interest rates by 50 basis points, aiming to stimulate economic activity and energy demand.
• Rising tensions between Israel and Hezbollah, with recent explosions in Lebanon, have added to market uncertainties.
• Weak demand from China's slowing economy continues to weigh on oil prices, with refinery output and industrial growth declining.