Oil prices have done nothing exciting over the last few sessions
despite a bearish EIA crude oil inventory report that showed production hit a
new record high and as demand weakens. Last week’s oil bloodbath that saw the
major de-escalation with the US-Iran conflict erased all the gains from the OPEC
+ alliance bigger than expected production cut pledge. Yesterday’s inventory
numbers saw huge builds with both gasoline and distillate inventories. Since
West Texas Intermediate crude did not collapse despite a majority of the market
seeming to turn bearish, we may have seen a bottom put in place. The next big
move for crude may need to come an improving global outlook that may require
further stimulus from Europe. WTI could remain a choppy trade this week, but we
could see the path be easier towards $60 than to the mid-$50s region.
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