Oil prices are steady, stuck in their tightest range in over three years, as the market awaits key US economic data. Brent is near $85 a barrel, fluctuating just $1.76 this week, while West Texas Intermediate is below $81 a barrel.
US crude inventories rose by 2 million barrels last week, the highest since 2020, but this did not impact prices significantly. Traders are looking at US employment data and upcoming elections in Iran and France for potential market shifts.
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Market strategist Charu Chanana noted mixed but generally positive demand signals, driven by summer travel and cooling needs. Oil is expected to see a monthly gain and possibly rise further in the next quarter.
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