Global crude oil benchmarks closed higher on Tuesday, 22 October 2024, driven by expectations of rising demand in China and escalating geopolitical tensions in the Middle East, both of which contributed to the surge in prices.
China, the world's largest importer of oil, reported its slowest economic growth since early 2023, exacerbating concerns about energy demand in the world’s second-largest economy. The slowdown, alongside a staggering 42% surge in electric vehicle (EV) sales in August