"US Fed Chief's Speech Takes Center Stage as Oil Prices Stabilize"

Oil prices stabilized after earlier declines due to disappointing economic data from major economies, as investors awaited a speech by U.S. Federal Reserve Chair Jerome Powell for insight on interest rate movements. Manufacturing data from various countries indicated a grim outlook for global economies, raising concerns about demand. On the supply side, Iran's crude oil output is expected to reach 3.4 million barrels per day by the end of September, despite ongoing U.S. sanctions. Additionally, U.S. officials are reportedly considering easing sanctions on Venezuela's oil sector if the country holds a free and fair presidential election. While U.S. crude inventories fell more than expected, an increase in gasoline stocks suggested weaker fuel demand. Analysts anticipate that Saudi Arabia, as the de facto leader of OPEC, will extend its voluntary production cut into October to support the market.