Oil is trading above its $81.50 price support, closing in on $83. The China slowdown, has been offset by shrinking oil stocks in the U.S. and the looming war between Israel and Hezbollah/Lebanon. No global recession on the cards, call for Stagflation is still on. Pertaining to unemployment rise and an/or oil shock/higher energy costs.

*Oil settles higher on hopeful demand outlook as US oil stocks sink - Reuters

*As fears mount of an Israel-Lebanon war, Hezbollah’s arsenal looms large - WP

*China’s CPI inflation softens to 0.2% YoY in June vs. 0.4% expected - FX Street

*30 rockets launched from Lebanon at northern Galilee Panhandle - TOI

(Consumer Price Index for All Urban Consumers: Fuel Oil and Other Fuels in U.S. City Average. Federal Reserve Bank of St. Louis.  Fuel costs are stil elevated) 

No global recession, cutting rates in 2024 could prove to be a fatale move by Central Banks, pertaining to energy and food inflation.

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Oil price analysis on CHIASMUS, please refer: chiasmusmagazine.blogspot.com/search/label/oil%20price