Oil traders bet that rising tensions in the Middle East will not hurt oil supplies.
WTI crude nears $77.50, driven by Middle East unrest and US rig increases. Could further gains be on the horizon?
Brent oil tested multi-week lows as geopolitical premium declined.
With Chinese oil demand falling by 8.1%, concerns about consumption rise, putting pressure on WTI prices.
The strong GDP report provided significant support to oil markets.
The bullish EIA report provided support to oil markets, although traders remained worried about China's economic problems.
Oil prices rebound as U.S. crude stocks drop 3.9 million barrels. Traders eye EIA report and Canadian wildfires for further price support.
Worries about China's economic outlook serve as an additional bearish catalyst for oil markets.
Rising tensions in the Middle East did not provide support to oil markets.
Worries about China's demand serve as an additional bearish catalyst for oil markets.
From a big picture point of view, oil traders ignore worries about China's demand and focus on the upcoming start of the Fed rate cut cycle.
Oil traders bet on a rebound after the recent pullback despite worries about the health of China's economy.