The prospect of further Chinese stimulus measures, particularly in the embattled property sector, has also provided some support to prices, following a meeting of the Politburo – a top decision making body – on Tuesday.
Markets are also looking to the next market monitoring committee meeting of the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, on Aug. 4 for announcements on the continuation of voluntary output cuts. However, recent interest rate increases from global central banks seeking to tame stubborn inflation have nonetheless raised questions about long term demand.
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