Oil prices plummet as demand worries and inventory build-up drive prices to 3-month lows

Oil prices rebounded slightly after hitting their lowest levels in over three months due to concerns over weakening demand in the United States and China, the world's top oil consumers. The market is less worried about potential supply disruptions and is instead focused on an easing in tight oil supply conditions. U.S. crude oil stocks rose by nearly 12 million barrels last week, and the U.S. Energy Information Administration (EIA) expects a decrease in crude oil production and consumption this year. Additionally, data from China raised doubts about the demand outlook, while a modest recovery in the U.S. dollar added pressure to oil prices. However, OPEC remains optimistic about global economic growth and fuel demand.