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Crude Oil Slipped As Concern Over China’s Growth And Uncertainty Over US Rate Cuts.
Crude oil faced a downturn, settling down by -0.7% at 6481, as concerns about China’s growth plans and uncertainties regarding the pace of U.S. interest rate cuts overshadowed the potential for a tighter market due to ongoing OPEC+ supply constraints. Despite major oil-producing nations, including Saudi Arabia, Russia, Iraq, and the UAE, extending voluntary oil output cuts into the second quarter, the market grappled with apprehensions over China’s modest economic growth target and a lack of substantial stimulus measures.
