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Oil fluctuates as demand concerns mount

Weak global data pressures prices despite recovery attempts

Oil prices continued to experience limited movement on Wednesday, May 8, 2025, with West Texas Intermediate crude stabilizing near $58.77 a barrel. This performance comes amid continued global supply pressures and growing doubts about the pace of demand recovery, particularly from major economies such as China and Europe. Despite the market's attempts to rally in recent sessions, recent economic data has heightened investor caution, amid signs of a slowdown in global manufacturing activity and declining consumption levels, further weighing on the outlook for future energy demand.

 Meanwhile, markets are closely monitoring the developments in upcoming OPEC+ decisions, especially given that some members have committed to production increases that exceed market expectations. Current estimates indicate that any price improvement may remain limited unless strong indicators emerge that the supply-demand balance is stabilized.

Analysts expect prices to remain within a narrow range in the near term unless strong new catalysts emerge, whether in terms of economic stimulus or a sudden recovery in global energy demand.