Crude Oil markets remain on the low side despite Middle East concerns.
Declines in US barrel counts appear to have snapped after API supplies print.
Crude Oil markets may have found a floor, but price pressure weigh.
West Texas Intermediate (WTI) US Crude Oil fell back below $73.00 per barrel on Tuesday as fossil markets struggle to find a foothold with barrel bids firmly entrenched in the low side after a four-week tumble.
The American Petroleum Institute (API) released their Weekly Crude Oil Stock counts for the week ended August 2, reporting a thin 180K buildup in US barrel counts. Still, the figure looks set to end a multi-week run of sharp declines in US Crude Oil supplies after last week showed a -4.495 million barrel contraction. Crude Oil traders will be looking ahead to the Energy Information Administration’s (EIA) own Crude OIl supplies counts reported on Wednesday.
The ongoing Israel-Palestinian Hamas conflict threatened to bubble over last weekend after two suspected assassinations of Iranian Hezbollah officials. Iran has publicly vowed direct retaliation against Israel for the killings, prompting a naval reaction from US forces to move into the region in advance of any Iranian operations. Despite the significant uptick in geopolitical tensions, Crude Oil markets are having a difficult time finding the bidding pedal, and barrel prices remain subdued.
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