Oil is recovering weakly after falling by 6%

Oil prices are showing volatility, balancing between geopolitical tensions and doubts about the future prospects of demand.

Today, on October 29, the quotes are trying to recover from yesterday's 6% drop. Brent futures rose 0.62% to $71.88 per barrel, while U.S. WTI rose 0.65% to $68.26.

The US plan to purchase 3 million barrels of oil in the strategic reserve provided some support to the quotes. However, concerns about weaker global demand growth in the coming years continue to constrain the growth of quotations.

Despite the fact that the escalation of the conflict in the Middle East has not yet been observed, high tensions in the region remain. Iran promises retaliatory actions against the Israeli strike, and the United States warns Tehran of the consequences of further aggression.

At the same time, the market's focus is gradually shifting to fundamental factors. Analysts express concerns that the growth of global oil demand in the future may be below forecasts.