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Oil futures have retreated as focus shifts to China's economy, where an unexpected interest-rate cut has raised global economic worries. Despite positive U.S. GDP growth, West Texas Intermediate (WTI) crude is down 1.7% at $76.25 per barrel, and Brent is off 1.6% at $80.39 per barrel.
The oil market's volatility persists due to uncertainty surrounding various supply and demand factors. OANDA analyst Craig Erlam highlighted that traders are navigating economic prospects, interest rates, OPEC+ dynamics, and the potential for supply disruptions, such as those in the Red Sea.