Crude oil prices increased this week as market players turned optimistic about demand despite conflicting signals from OPEC and the IEA.
Oil prices were mixed this week as the expectation that OPEC+ will maintain crude supply curbs at its June 2 meeting, while the start of U.S. summer driving season and a weaker dollar also boosted the commodity.
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Oil prices have remained fairly static this week, as a softer U.S. dollar, declining U.S. inventories, and increased Chinese stimulus measures have raised hopes of improving demand
Oil prices posted their sharpest weekly losses in three months last week as investors priced out the risks of a direct and wider conflict between Israel and other big oil producers in the region.
Crude oil prices resulted in another weekly loss after the U.S. Federal Reserve signaled once again it had no immediate plans to start cutting rates, in turn impacting consumer confidence and therefore potential oil demand.
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