Oil prices experienced a decline as broader markets weakened due to worse-than-expected inflation data from the United States. This led crude traders to cash out their positions after prices had recently reached a six-week high.
West Texas Intermediate (WTI) crude specifically saw a 1.1% drop on Thursday, settling below $70 a barrel. This marked an end to a three-day rally for WTI.
Despite the recent dip, oil prices are largely considered to be range-bound. Traders are currently awaiting clearer signals regarding the balance between supply and demand in the market before making significant moves.
