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Despite the bullish atmosphere, the crude oil market faced downward pressure due to dwindling demand from China, evidenced by the lowest refining levels in five months. New figures show that electric vehicle sales in China have outstripped those of internal combustion engines for the first time, marking a pivotal shift in the automotive sector.

Mixed Signals from Asia-Pacific

As Asian trading commenced, most markets showed slight hesitance, with Australia's ASX marginally adjusting amid consumer confidence reports indicating a decline. The market's stability was supported by relatively strong performances in consumer staples.