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Crude oil prices experienced significant fluctuations over the past few days, with a notable drop followed by a rebound. The prices hit a seven-week low before bouncing back due to factors like the prospect of the US replenishing its strategic reserve and stabilizing global oil prices. This volatility comes amidst market fundamentals suggesting a reversal of supply tightness.
Oil prices log worst week since February as concerns over Middle East supply risks fade https://t.co/e8a37WoGJg
Global oil prices are stabilising following weeks of persistent gains. Market fundamentals are increasingly pointing towards a reversal of supply tightness that had gripped the market, with a rebuilding of onshore crude inventories and weakening middle distillate cracks castingā¦
U.S. crude oil bounces after hitting seven-week low on surging U.S. inventories https://t.co/xzA3nh9cLv