Oil prices remained stable on Thursday, balancing the effects of decreased fuel demand in the U.S.—the world’s largest oil consumer—with potential geopolitical conflicts in the Middle East. Recent data from the U.S. Energy Information Administration revealed a significant drop in gasoline and distillate fuel demand, underscoring a slowdown in U.S. economic activities.
Despite this, escalating tensions in the Gaza Strip and potential disruptions in Middle Eastern oil supplies are keeping market sentiments cautious. Analysts predict that summer demand, supply constraints, and Chinese and Eurozone economic data will be key drivers of oil prices this quarter.