Oil Prices Rebound After Hitting Seven-Week Low

Crude oil prices see a modest recovery following a significant drop due to increased U.S. inventories and geopolitical developments.

U.S. crude oil prices rebound after a sharp decline, with West Texas Intermediate and Brent crude both showing modest gains.
The increase in U.S. crude inventories to their highest levels since June 2023 contributes to price volatility.
Geopolitical tensions and potential ceasefire talks in the Middle East influence market dynamics.
Speculation about the U.S. replenishing its Strategic Petroleum Reserve supports price stabilization.
OPEC+ may extend production cuts if demand does not improve, adding to market uncertainty.