Apr. 7 at 11:21 PM
$PR Seven straight weeks of U.S. crude inventory builds are putting real downward pressure on oil, as rising stockpiles typically signal oversupply and weaken prices. At the same time, the announcement of a ceasefire in the Middle East has already triggered a sharp drop in crude—WTI fell over 10% in a single session as geopolitical risk premium came out of the market.
With supply building and war risk easing, the setup points to lower prices near-term. WTI pushing back into the
$80S short term is reasonable, and if inventory builds continue alongside stabilizing global supply, a move toward the
$70 range by early summer is a realistic base-case scenario.
