Oil Prices Decline Amid Mixed Global Factors

Crude oil and gasoline prices have declined due to weak economic data from China, including lower-than-expected GDP growth and retail sales, which dampened energy demand expectations. The improving prospects for Donald Trump’s re-election, which could lead to pro-US drilling policies, also contributed to the downward pressure on oil prices. Despite these declines, geopolitical tensions in the Middle East, particularly the Hamas-Israel conflict and attacks on shipping by Iran-backed Houthi rebels, provided some support for oil prices. Reduced crude exports from Russia and OPEC+ output curbs helped limit the price drop. Additionally, the Federal Reserve's potential shift towards interest rate cuts and a weaker US dollar also impacted the oil market dynamics. Analysts anticipate continued volatility in crude oil prices due to these mixed factors.