Oil prices are set to end the week flat after last week's rally, with a strong U.S. dollar, the potential of a ceasefire in Gaza, and profit taking all weighing on prices.
Oil prices are set to end this week flat after gaining around 3% last week amid robust demand and growing supply unease. This week, these factors were tempered by the prospect of a ceasefire in the Middle East and a stronger U.S. dollar that normally puts oil traders in mind of weaker demand. Profit-taking after last week’s gains also served to dampen prices.
“We expect oil markets to remain tight in the short term, while geopolitical risks are also likely to create some bouts of volatility,” a Standard Chartered analyst told Bloomberg. Supply disruptions in Russia continued to apply upward pressure to prices although in the last two days this was offset by the dollar’s rally. A perception of lower U.S. gasoline demand also helped temper prices, even though inventories of the fuel booked another weekly decline, per the EIA’s latest inventory report.
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