As per the recent assessment, the crude oil futures have declined to two-month lows during the last week of February xxxx amid weaker-than-expected economic data from both the US and Germany. These particular data showcased a potential slowdown in the global economy, which directly translated to weaker energy consumption.
Key Takeaways:
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Crude oil futures hit two-month lows amid weaker economic data.
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EIA showcased crude oil processing and refining capacity surged last week.
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Geopolitical instability between the US President and Zelenskyy has lower crude oil demand.
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Crude oil-producing companies are planning to increase their output.
As per ChemAnalyst, crude oil prices are expected to further decline in March xxxx due to geopolitical instability. Moreover, some crude oil-producing countries are gearing up to increase their output which could further push the market prices down. There are reports that Nigeria is planning to increase its crude oil output.
