Oil news and market movers: Demand is already underway
- Oil traders are back to placing bullish bets on Oil with the underlying idea that rate interest-rate cuts in both Europe and the US would spur economic growth and thus see a pickup in demand again.
- An increase in demand is already underway inAsia, with India and China buying up every cheap contract in sight as their industrial and travel demand picks up pace. These two sectors are very Oil-consuming.
- The failed ceasefire talks are keeping tensions high in Gaza.
- This Friday, the Baker Hughes Oil Rig Count is set to be released at 18:00 GMT. The previous count was at 506 rigs.
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