Oil Prices Set for Monthly Decline as Demand Concerns Grow

Uncertainty continues to dominate oil markets, although demand concerns appear to be overcoming supply shocks to push oil prices toward a monthly loss. Friday, August 30th, 2024It's been a volatile week for oil markets, with Libya's oil blockade sending a supply shock through markets before traders refocused on concerns around Chinese demand. At the same time, Iraq has been ratcheting up pressure on Kurdish producers to cut output, and the US has released some constructive macroeconomic data. Early on Friday morning, oil prices had swung…