Crude Oil is trading today in the European session below the $85 level.
Oil prices are on a downward trend, influenced by a combination of factors. Despite heightened geopolitical tensions initially boosting prices, the Federal Reserve's indication of prolonged inflation and a possible delay in interest-rate cuts this year has tempered gains.
Additionally, reports of increased U.S. crude inventories have contributed to the downward pressure.
The recent rally fueled by Middle East conflict fears has stalled, with attention shifting to Israel's forthcoming retaliation plans.
Moreover, the anticipation of sustained high interest rates and a potential uptick in U.S. crude inventories last week signal bearish sentiment in the market.