Oil Prices Fluctuate Amid Conflicting Market Signals

Wildfires in Canada, US inventory drawdowns, and inflation concerns drive volatility in oil markets.

International Energy Agency cuts global oil demand growth forecast for the year.
US crude inventories reported a significant drawdown, boosting market sentiment.
Wildfires in Canada threaten oil sands production, adding supply risk.
OPEC+ members exceed output cut quotas, maintaining upward pressure on prices.
Persistent US inflation dampens demand outlook, influencing price movements.