Global Oil Prices Plummet as Demand Concerns Intensify

Oil prices dropped over 4% as concerns about "demand destruction" and weak China exports highlighted a slowdown in global demand. China's exports fell for the sixth consecutive month, while imports rose. Daily price fluctuations of more than 2% have become common since the recent conflict between Hamas and Israel, keeping oil futures volatile. The market is currently more focused on demand concerns than escalating war tensions. Moscow and Saudi Arabia have reaffirmed their voluntary production cuts, but recent data suggests that Russia's crude exports are at a four-month high, potentially indicating non-compliance with the cuts. OPEC+ is set to meet later this month, where Saudi Arabia and Russia may decide to extend their production curbs into next year.