Overview

• Oil prices have fallen by over 6% this week, marking the steepest decline since early February.
• Easing tensions in the Middle East and a potential ceasefire in Gaza have reduced risks to oil supplies.
• Unexpected increases in U.S. crude and gasoline inventories signal a surplus, pushing prices lower.
• Financial markets are closely watching the upcoming U.S. jobs report, with expectations of a slowdown in job growth.
• OPEC+ may extend output cuts at its next meeting to address potential surpluses in the oil market.