WTIUSD

The decision of OPEC+ to continue production increases has created volatility in prices, but concerns about excess supply persist. According to data from the American Petroleum Institute (API), the increase in U.S. crude oil stocks last week put downward pressure on prices. The weekly inventory data from the U.S. Energy Information Administration (EIA) to be released today and the U.S. retail sales figures coming tomorrow will be significant for the short-term direction of oil prices. Concerns about global economic growth and the balance of supply and demand will continue to shape oil prices. According to inventory data, a continued trend of selling pressure within a horizontal band range is expected.