According to Jinshi, before the release of US economic data, oil prices fell into the narrowest trading range since 2021, with WTI crude oil futures prices fluctuating within a range of less than $2 this week. The market deadlock has prompted investors to focus on longer-term contracts next year, including June and December next year. Traders will focus on US PCE data to be released tonight for clues on the future direction of monetary policy. Fed Bostic said he still expects to cut interest rates once in the fourth quarter of this year. Vandana Hari, founder of Vanda Insights in Singapore, said that oil prices look high at the moment, and the claim of strong summer demand is a bit exaggerated. Jet fuel demand may be strong, but gasoline is struggling globally.
