Crudeoil | MCX | Feb 29Timeframe: 1 Hour
Strategy: Bearish
Oil Price Decline: Oil prices extended losses due to a larger-than-expected increase in U.S. crude stockpiles, heightening concerns about sluggish demand.
Stockpile Build: U.S. crude inventories rose for the fifth consecutive week, increasing by 4.2 million barrels, surpassing analysts' expectations.
Elevated Interest Rates: Worries about a slow economy and reduced oil demand in the U.S. were exacerbated by the anticipation of delayed U.S. rate cuts, contributing to market pressure.
Market Sentiment: Large stockpiles fueled investor worries about economic slowdown, while the outlook for delayed interest rate cuts and high borrowing costs added to negative sentiment.
Upcoming Economic Data: Traders awaited the U.S. personal consumption expenditures price index for more trading cues, expecting insight into inflation trends and potential impacts on the market.
Geopolitical Tensions: Ongoing conflicts in the Middle East, particularly concerns related to Jerusalem, were noted as factors likely to keep a floor under oil prices amid global uncertainties.
