Oil prices have shown signs of stabilizing after a drop largely influenced by increasing U.S. crude inventories and a decrease in tensions within the Middle East.
The U.S. crude stockpile rose by 347,000 barrels, defying expectations of a significant decrease, which indicates potential oversupply and exerts pressure on oil prices.
Concerns about global demand remain prevalent, with weaker refinery margins and declining Russian crude imports reflecting the ongoing challenges within the oil market.
Future volatility in oil prices may be influenced by forthcoming comments from Fed Chair Jerome Powell during the FOMC Meeting Minutes, specifically regarding the economy and inflation.
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