Oil Prices Hold Steady Near $90/bbl Amid Demand Concerns

Brent crude oil prices have been relatively stable near $90 per barrel despite concerns over demand. The International Energy Agency (IEA) and OPEC have lowered their demand expectations, while Chinese buying remains weak.

The US Federal Reserve's decisions are also being closely watched, but tensions in the Strait of Hormuz with Iran continue to support oil prices.

Brent crude has gained nearly 52% this year, which is leading to some profit-taking. However, it is still unclear whether these gains will be sustained or if they will be reversed due to the ongoing demand concerns.