Oil prices rebounded on Wednesday, reversing course after earlier dipping to multi-month lows. The uptick follows positive economic data from the United States and a weaker dollar.
Inflation
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The oil market rollercoasters on Tuesday, buffeted by opposing forces. Concerns about potential interest rate hikes in the United States weighed on the market, while ongoing geopolitical tensions in the Middle East and supply disruptions due to wildfires in Canada provided some countervailing support.
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Oil prices retreated on Monday after concerns about potential supply disruptions from the Middle East conflict eased. The market’s focus shifted back to fundamentals, with economic factors like inflation and a strong dollar influencing prices. Analysts believe that ample spare capacity from major oil producers and plentiful supplies of key crude grades are mitigating the short-term impact of the conflict.