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Mixed Signals Spark Volatility in Oil Markets Ahead of Key Events

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Oil Market Weekly Recap and Next Week's Outlook

This week, oil prices experienced volatility driven by mixed signals from U.S. fuel demand data, expectations surrounding the OPEC+ meeting, and macroeconomic factors influencing investor sentiment. As the market prepares for crucial developments in the coming days, traders remain cautious yet optimistic about potential price movements.

U.S. Fuel Demand and Inventory Reports

Oil prices declined for the second consecutive session on Thursday due to weak U.S. fuel demand and unexpected increases in gasoline and distillate inventories. Despite a larger-than-expected drop in U.S. crude stocks, the rise in refined product inventories suggested weaker demand. The U.S. Energy Information Administration (EIA) reported a decline in gasoline demand, countering expectations of a surge due to the Memorial Day holiday, marking the start of the U.S. summer driving season. Lower gasoline demand amid high refinery output led to a build in inventories, putting downward pressure on prices.

Impact of Interest Rates on Oil Prices

Persistent concerns over high U.S. interest rates have also pressured oil prices. Higher borrowing costs can slow economic activity, reducing oil demand as industries and consumers cut back on fuel usage. Last week's risk-off sentiment contributed to a weekly decline in crude prices. Market participants are closely watching the latest PCE inflation report on Friday, which could signal further…





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EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
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