Brent oil futures stabilized at $84.20 a barrel, while West Texas intermediate crude futures inched up to $80.50 a barrel. Both contracts were on track to register losses between 3.5% and 4% for the week.
The People’s Bank of China’s decision to cut lending rates and potential actions to support the economy. Particularly in the beleaguered property sector, are critical.
While U.S. oil demand has shown stability in recent months. Apprehensions of a potential decline in fuel consumption are heightened as the summer season nears its end.