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Will Waning Gasoline Demand Drag Oil Prices Down?

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West Texas Intermediate Crude Weekly Analysis

This week's crude oil market has been marked by several significant events influencing May West Texas Intermediate (WTI) futures. The trends observed ranged from economic policy decisions to geopolitical developments, each playing a crucial role in shaping the market's direction.

Declining Gasoline Demand

One of the primary factors impacting crude oil prices this week was the unexpected decline in U.S. gasoline demand. According to the U.S. Energy Information Administration, gasoline product supplied, a key measure of demand, fell below 9 million barrels. This reduction is significant as gasoline demand has been a cornerstone supporting recent oil price rallies. The decline suggests a potential overvaluation in gasoline markets, indicating that the bullish sentiment might be waning.

Potential Impact of Ceasefire in Gaza

Geopolitical events also played a role in shaping the oil market's trend. The United States drafted a U.N. resolution for a ceasefire in Gaza, aiming to facilitate the exchange of Israeli hostages and Palestinian detainees. This development, while primarily a diplomatic initiative, has repercussions in the oil market, potentially easing tensions in a region central to global oil supply, thus exerting downward pressure on prices.

Federal Reserve's Monetary Policy

The Federal Reserve’s monetary policy continues to influence market perceptions. This week, the U.S. central…





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