Despite falling in response to waning risks of a potential war involving major oil producer Iran with Israel, crude oil is still holding its own relatively well. It is holding a year-to-date gain of around 12%, which is not insignificant. There’s still a bit of premium from conflict in the Middle East factored in oil prices, but it is largely those OPEC+ supply cuts that’s responsible for the bulk of oil’s gains. Meanwhile, the demand outlook will come into a sharp focus this week with the release of the global manufacturing PMI data on Tuesday, as well as US GDP on Thursday, and the Fed’s preferred measure of ... (full story)