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Initially, oil prices surged to a weekly high due to tensions in the Middle East, but soaring crude and gasoline inventories point at weaker fundamentals in the U.S.
Volatility and uncertainty rushed back into oil markets this week as prices crashed, but traders will be weary of getting caught in a bear trap.
Despite the strong bullish sentiments driven by supply constraints, the angst that the Fed will keep interest rates higher for longer could cool down optimism in oil markets
While bullish fundamentals have been pushing oil prices higher for weeks, there is now a sign that prices may fall back - at least temporarily
Bullish sentiment is building in oil markets as OPEC+ tightens supply, but rising oil prices are only adding to inflation concerns