Crude prices climbed above $83 a barrel after earlier losses due to a weaker dollar and strengthening equities markets. The market sentiment was dampened by a US inflation measure, but oil markets are still searching for an equilibrium price due to the lack of significant geopolitical news or data releases.
This year, crude prices have remained elevated, supported by supply cuts from OPEC+ and tensions in the Middle East. However, prices have retreated from recent highs as geopolitical risks have diminished. Options continue to show a bearish tilt toward puts, and the US Oil Fund, the largest oil exchange-traded fund, experienced its largest daily outflow on record.
Despite this setback, demand for oil remains uncertain with weakness seen in some refined products. Profit margins for converting crude oil into diesel in Asia are near their lowest level in almost a year. The market continues to be influenced by a variety of factors, making it challenging to predict future price movements.
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