DNN 
In a turbulent week for crude oil, prices experienced a significant rise of 10.55% over the past seven days, fueled by tightening global supply concerns and geopolitical tensions in key producing regions. The rally, which saw oil prices push upward after months of relative stability, was driven by expectations of reduced output from OPEC+ and rising demand forecasts as the global economy continues to recover.
However, the market took a sharp turn today, with crude prices dropping more than 2% in early trading. As of this writing, crude oil is trading at $75.53 per barrel. Analysts suggest that today’s decline could be a result of profit-taking by traders after last week’s surge, along with fears of potential demand slowdowns as recession risks loom in major economies.
Investors are now closely watching for signals from central banks, particularly the U.S. Federal Reserve, as potential interest rate hikes could further dampen oil demand. Market participants will also look to OPEC+ meetings for any announcements of future production cuts that could stabilize prices.
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