Brent crude is on track for its steepest weekly decline since April 2020, with prices down nearly 16% this week. UBS warns that depleted global oil inventories could provide a price floor.
Brent crude is posting its steepest weekly decline since April 2020, and the drop stands at nearly 16% this week. The slide follows an 8.7% single-session drop, which came as geopolitical risk eased and Gulf shipments normalized.
However, UBS has cautioned that depleted global oil inventories could provide a price floor.
U.S. data points the same way. U.S. commercial crude inventories have declined, which supports the UBS view of potential price support.
Next, traders will watch the Middle East, where renewed tensions could affect oil supply and move prices. Forthcoming U.S. crude inventory data will also matter for judging whether price support continues, and OPEC and U.S. energy authorities may play significant roles in the coming weeks.
Source: Crypto Briefing
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