Markets

Supply concerns regarding the Middle East and northern Africa offered some support, but worries about lackluster US and Chinese economic growth as well as expectations of some OPEC+ oil returning to the market in Oct. pushed prices lower.

Gaza ceasefire talks and weak economic data from China and the US pushed down futures prices, but hopes for an interest-rate cut in the US prevented greater week-on-week losses.

While futures prices registered day-on-day swings of 1.2-4.2% on each day of the period, the week-on-week shifts were a quarter of a percent or less.

After a rough start on Monday, WTI and Brent futures rose on each of the remaining days of the week.

In another week focused on worries about China's oil demand and the conflict in Gaza, WTI and Brent hit lows not seen since June 4 and Jan. 10, respectively.

Persistent concerns about the economic recovery and oil demand in China as well as the ongoing progress in negotiations for a ceasefire in Gaza kept the pressure on futures prices.

Concerns about demand in China and hopes for a ceasefire in Gaza outweighed a crude stockdraw in the US.

Price pressure came early in the week after Hurricane Beryl largely spared upstream production capacity and concerns arose about the storm taking a bite out of demand in the areas that it impacted.

Even though supply-side concerns related to Hurricane Beryl dissipated early in the week and the risk premium associated with geopolitical tensions in the Middle East faded somewhat later in the week amid ceasefire negotiations, futures prices for benchmark crudes hit fresh multi-week highs.

Concerns about potential supply disruptions related to the wars in the Middle East and Europe outweighed news of weak supply/demand balances.