Crude oil futures are currently constrained around USD 66.50 per barrel, failing to breach USD 67. Strong demand from the United States and China has offered some support. A recent reduction in U.S. crude inventories by nearly 3.9 million barrels signals robust refinery activity. However, substantial increases in gasoline and diesel stocks raise uncertainties regarding fuel demand during the summer. OPEC+ plans to increase production may lead to oversupply concerns. Economic developments, particularly trade policy, will significantly affect future oil demand expectations.
Crude oil futures are struggling to move above $67 due to mixed signals in the market, reflecting strong refinery activity and inventory issues.
U.S. crude inventories have seen a substantial draw of nearly 3.9 million barrels, indicating strong refinery operations amid rising gasoline and diesel stocks.
OPEC+'s commitment to increasing output raises concerns about potential oversupply in the oil market, even as traders watch for possible future production pauses.
Economic health in the U.S. and China, along with trade policy and growth projections, remain crucial factors that could influence oil demand.
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