Global Economic Factors Drive Down Oil Prices

Oil prices fell as China's economic recovery disappointed and the U.S. dollar strengthened. Brent crude traded below $86 per barrel, while West Texas Intermediate remained above $82 per barrel. The International Energy Agency (IEA) predicted higher prices this year but also anticipated a decline in demand in 2024 due to economic headwinds. The IEA acknowledged the tightening supply of oil from OPEC+ cuts, which could lead to higher prices. However, some analysts suggest that the oil market may be due for a correction. Traders will be closely watching China's industrial production data and the U.S. for further market developments.