Entering July, the probability of a Fed rate cut has increased. The US dollar weakened in the first half of the month, but recently rebounded, exerting some downward pressure on the oil market. Concerns about the economy, demand, and market liquidity caused by the high interest rate environment persist. Factors such as hopes for a ceasefire in Gaza have also impacted oil prices, leading to fluctuations and declines, with WTI crude falling below $80 per barrel. Currently, in the macro environment of high interest rates and increased certainty in the US election, market concerns and risk aversion continue to weigh on sentiment. However, the expected increase in US summer oil demand and inventory reductions provide support. Oil prices are expected to stabilize and observe, with volatile trading continuing