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Crude Oil Rally Paused as Market Gauges Middle East Tensions

Today's markets analysis on behalf of George Khoury Global Head of Education and Research at CFI


June 21, 2024 ( Newswire) Oil prices stabilized to a certain extent after a rally this week, driven by a significant 2.547-million-barrel drop in US crude inventories, surpassing expectations. The reduction in US gasoline and distillate stocks further highlighted robust energy demand. Moreover, changes in major central banks' monetary policies, including the ECB, SNB, and BoC, contribute to a positive market outlook as a softer stance could reduce pressures on the respective economies. Despite minor fluctuations, oil prices are set to end the week in positive territory. Geopolitical issues could continue to support oil prices, especially as tensions in the Middle East could exacerbate if the conflict expands. These tensions introduce market uncertainty and could drive more volatility in crude prices. Traders could also turn to new data releases next week including US crude inventory figures and a string of US economic data later in the week. The latter could affect expectations regarding monetary policy and demand in the US.

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