BRN heading towards weekly gain?

• Brent crude at $74 per barrel on Friday
   
• Investors watch Middle East tensions closely
   
• Eurozone business activity in contraction territory
   
• Demand concerns from China's stimulus policies
   
• U.S. refinery processing at six-year high

BRN bulls are struggling to keep the price above $74 per barrel with a potential to post a weekly gain.  

Investors remained vigilant, closely monitoring geopolitical developments in the Middle East.

Despite ongoing diplomatic efforts aimed at easing tensions, the relentless exchange of heavy fire has left many investors feeling uneasy.

They are particularly focused on potential supply disruptions in the region and Israel's anticipated response.

In the Eurozone, business activity stagnated once again this month, remaining firmly in contraction territory.
 

This situation has raised significant concerns regarding demand within Europe, as economic growth appears to be faltering.

Additionally, worries about demand persist from China, the world’s largest oil importer, as traders await further clarity on Beijing's stimulus policies and their potential impact on the economy.

On a more positive note, there are encouraging signs emerging from the United States, where refinery processing has reached its highest seasonal level in six years.

However, fears of a possible shift toward a global oil surplus in the coming quarters continue to weigh heavily on oil prices, creating a complex landscape for investors navigating the current market dynamics.