Oil prices have remained stable this week, with Brent crude trading near $85 a barrel. Despite a larger-than-expected build in US crude stockpiles, West Texas Intermediate closed below $81 a barrel on Thursday. However, analysts predict that oil prices will see further gains in the upcoming months due to seasonal strength and cues from broader stock market movements.
The market is closely monitoring various US economic indicators, including employment figures, which could impact oil prices and broader financial markets. The outcomes of upcoming elections in Iran and France could introduce additional volatility to the market. While demand signals for oil remain mixed, there is generally a positive outlook due to summer travel and cooling demand.
US Gulf Coast crude inventories increased by 2 million barrels last week, reaching levels not seen since 2020 on a seasonal basis. Overall stockpiles are also at their highest since April, indicating sluggish fuel consumption with measures of gasoline and jet fuel demand showing signs of weakness. Despite these factors, analysts suggest that oil prices may continue to rise in the coming months, with expectations of increased volatility in the markets. The market will closely watch upcoming economic data releases and geopolitical events for further insights into price movements.
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