Crude oil prices finished the month lower due to ongoing worries about demand. Economic uncertainty and increasing crude inventories weighed on the market.

Market Influences

Several factors contributed to the price decline:

• Economic Slowdown: Concerns about a potential slowdown in global economic growth dampened expectations for oil demand.
• Inventory Levels: Rising crude oil inventories in major consuming regions added to the bearish sentiment.
• OPEC+ Policy: Market participants are closely watching the production policies of OPEC+ nations.

Analyst Commentary

Analysts suggest that the near-term outlook for crude oil prices remains uncertain, with potential for volatility depending on economic data releases and geopolitical developments. Traders are closely monitoring indicators of economic activity and energy consumption to gauge future price movements.