Oil Prices Under Pressure Despite Bullish Catalysts

Oil prices have been in decline this week despite rising geopolitical risks, with markets seeming to be focused primarily on Joe Biden's decision to drop out of the presidential race. - The Asian oil market witnessed a much-needed recovery in trading after the region’s main benchmark grade Dubai weakened so much against Brent and WTI that arbitrage flows from other continents became hardly workable.- Following an extremely disappointing June performance, China’s state-owned oil companies Unipec and PetroChina have boosted spot…