Oil Prices Remain Rangebound but a Breakout May Be Coming ...Middle East

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Oil Prices Remain Rangebound but a Breakout May Be Coming
source : OILPRICE ( Middle East ) () 70
Oil prices have remained rangebound this month, but falling inventories and a slowdown in U.S. inflation could provide the spark for a breakout. Friday, May 17th 2024Crude prices continue to trend within a very narrow range, confined within $82 and $84 per barrel over the course of May, and despite this week’s improving macroeconomic outlook Brent futures continue to be rangebound. That said, a slight US oil inventory drop and US inflation slowing down to a monthly rate of 0.3% might provide support for a breakout next week. ADNOC…

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