Overview

• Oil prices initially surged but later fell as supply remained unaffected by geopolitical tensions.
• Brent crude closed at $79.52 per barrel, while WTI settled at $76.31 per barrel.
• Global demand concerns, particularly in China, are influencing market sentiment.
• OPEC maintains current output policy, planning to phase out cuts starting October 2024.
• U.S. crude stockpiles fell by 3.4 million barrels last week, driven by strong export demand.