The first week of February xxxx saw a significant drop in Crude Oil prices, defying a recent upward trend. Despite the mounting tensions in the Middle East, particularly around the Red Sea, which were raising concerns about potential disruptions to oil supplies, the market dynamics reversed its trend and followed the bearish market on the week ending on xth February xxxx. The recent drop in Crude Oil prices was attributed to factors, including Saudi Arabia&#xx;s pricing strategy, concerns about weak demand, and ongoing geopolitical tensions.
In a move that surprised the market, Saudi Arabia announced a decrease in official Crude Oil prices for all regions, including its largest market in Asia. This marked the lowest pricing in xx months and was attributed to growing internal conflicts within the OPEC+ group. Additionally, concerns about weak demand have further exacerbated the situation. The overall market sentiment pointed towards weakening...
