Oil futures decline on Tuesday, with prices pressured by continued concerns about energy demand, mainly from China, and finding little support from risks to...
Oil futures declined on Tuesday, with prices pressured by continued concerns about energy demand, mainly from China, and finding little support from risks to energy market operations posed by Hurricane Idalia as it heads towards Florida.
“Little impact to crude production is expected this far east in the Gulf, but local disruptions to demand are expected for refined products markets,” StoneX’s Kansas City energy team, led by Alex Hodes, wrote in Tuesday’s newsletter.Crude has rallied this summer in response to supply cuts from the Organization of the Petroleum Exporting Countries and its Russia-led allies — a group known as OPEC+.
“The economic news seems dominated by China’s troubles, which is bearish, along with the glacial progress in removing sanctions on Iran and Venezuela,” Michael Lynch, president of Strategic Energy & Economic Research, told MarketWatch. “Also, the summer driving season is nearing an end.”
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