Oil prices edge up slightly on Monday, but levels are flashing red lights after closing nearly flat last week.
Oil retreats to $78.00 after a failed attempt to snap above $80.00 on Friday. More criticism emerges globally towards Israel and its approach to Gaza. The US Dollar Index steadies around 105.30 ahead of US CPI data later this week. The black gold has been unable to rally on the back of further rising tensions on the situation in the Middle East after the US suspended the delivery of certain weapons to Israel amid concerns over the offensive in Rafah.
+ to announce any partial unwinding of the voluntary production cuts at the June meeting. Bloomberg reports that Crude Oil Storages floating in tankers have fallen by 11% since last week. That would be the lowest level since February 2020 to only 55.92 million barrels as of May 10. Oil Technical Analysis: Hanging by a thread Oil prices are flashing some red lights while trading around a risk level.
influence the price of WTI Oil? decides to lower quotas, it can tighten supply, pushing up Oil prices. When
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