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Crude Oil Mixed Ahead of US Inventory Report

Today's market analysis on behalf of Daniel Takieddine CEO MENA at BDSwiss


June 20, 2024 ( Newswire) Crude oil prices showed mixed movements at the start of the European session. The market sentiment remains cautious due to geopolitical developments in the Middle East and anticipation of upcoming US inventory data later today. Geopolitical tensions in Eastern Europe and the Middle East could continue to support oil prices as concerns over potential supply disruption from the region remain. Investors are also closely watching the delayed weekly oil stocks report from the Energy Information Administration (EIA), expected later today. The report is anticipated to show a 2-million-barrel decrease in US inventories for the week ending June 14. Such a drawdown would typically indicate stronger demand, which could provide near-term support to crude prices. However, a surprise in the data could fuel volatility in oil markets.

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