Oil prices are fluctuating amid conflicting macroeconomic signals, causing mixed reactions among investors. West Texas Intermediate (WTI) futures have managed to partially recover from recent losses and are currently trading around $68 per barrel, although they remain 2.4% lower than the previous session.
The global economic situation remains uncertain and complex. The European Central Bank has announced a possible pause in its cycle of interest rate hikes, which could negatively impact the prospects for oil demand. However, the latest economic data from the United States has shown unexpected strength in certain sectors of the economy.
Oil prices are also under pressure due to a weak market structure. For instance, the global benchmark Brent is trading at a rare discount compared to Middle Eastern oil, despite its higher quality.
Experts note that the oil market is experiencing fundamental weakness, which is reflected in price curves, as well as macroeconomic factors influencing price fluctuations.
