Oil prices saw a slight retreat primarily attributed to technical correction. However, the long-term outlook for the oil market remains positive as the International Energy Agency (IEA) and OPEC revised their 2024 oil demand forecasts upwards for the fourth time. Economic growth surpassing expectations is anticipated to bolster oil demand, underpinning the positive trend in the oil market.
Oil prices are trading flat while currently testing the support level. Suggesting the commodity might extend its losses after breakout.