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Oil Demand Outlook Remains Uncertain Ahead Of OPEC Meeting

Ahead of the upcoming OPEC+ meeting, July WTI oil prices saw a significant increase on Thursday, offsetting rising inventories in the US. The passing of a bill to suspend the US debt ceiling by the House of Representatives also contributed to the positive sentiment. However, overall market performance for the week remained lower.

The successful debt ceiling negotiations brought some relief, but the demand outlook for crude oil remains uncertain. The focus now shifts to the June 4 OPEC+ meeting, which has prompted caution due to a warning from the Saudi energy minister.

Unexpectedly, US crude oil stockpiles rose last week due to increased imports and a decline in strategic reserves to their lowest level in decades, according to Energy Information Administration data.

The market is currently experiencing a balancing act between seasonal and cyclical factors, which could lead to more aggressive actions from OPEC+. Traders are closely monitoring the strength of summer demand in developed countries compared to China's cyclical recovery to gauge OPEC+'s effectiveness moving forward.

Debt Relief Bill Boosts Crude Oil Market Stability

The passing of the debt relief bill in the House could have implications for the crude oil market. By raising the debt limit and capping government spending, the bill aims to avert a potential U.S. default. This outcome is significant for the crude oil market as it helps maintain stability and investor confidence in the overall…

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