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Crude oil prices have surged recently due to a decrease in U.S. crude oil inventories and ongoing geopolitical tensions in the Middle East. Despite some challenges such as a stronger dollar and lower hopes for Federal Reserve rate cuts, crude oil prices have rebounded sharply from their three-month low levels. The Energy Information Agency (EIA) has revised its outlook for global oil and liquid fuel demand, projecting growth in both areas. Looking ahead, crude oil markets are expected to remain volatile, with the possibility of prices trading with an upward bias in the range of $77 to $80 per barrel. Geopolitical risks, including the Gaza-Israel conflict and potential escalation in Rafah, could further influence market sentiment.
