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Oil Rises on Middle East Tensions But Demand Concerns Linger
Poor prospects for supply and demand expectations led to a drop in oil prices to a two-month low.
Crude oil product showed a trend of first suppression and then rise overall this week (7.25-7.31).
Oil bulls take a temporary reprieve: OPEC+ maintains supply unchanged in Q3, and partial production cuts may be lifted in October.
Amidst the escalating Middle East conflict and oil market fluctuations, OPEC+ temporarily gives oil bulls a reassurance on Thursday: OPEC+ will maintain its production policy, but may start advancing the cancellation of some production cuts from October; Russia's Deputy Prime Minister Novak said on Thursday that the current oil price level is appropriate for both Russia and other market participants.
Oil: Recent Price Action Is Associated With Global Macro Flows – TDS
Is oil price expected to return to the rising channel? Middle East situation rekindles waves, oil traders "madly buy" call options.
With the escalation of tensions in the Middle East, the likelihood of oil prices skyrocketing has once again increased, and oil traders are buying call options.
The Supreme Leader of Iran ordered a direct attack on Israel, causing a 5% surge in oil prices at the end of the day.
According to US media reports, Khamenei has ordered Iran to strike Israel directly, and the US and Europe are urgently mediating to prevent a full-scale war from breaking out in the Middle East!