Oil prices are hovering near six-week lows as concerns about global demand outweigh positive economic data from China and renewed tensions in the Middle East.

Despite China’s industrial profits showing growth and potential supply risks due to conflicts in Israel, the overall sentiment in the oil market remains subdued. This is largely due to China’s recent weak economic growth and reduced oil import volumes.

The upcoming OPEC+ meeting and Federal Reserve interest rate decision are key events that could influence oil prices in the near term.