Inflation rise reflected in Personal Consumption Expenditures figures. Oil faces demand increase for energy derivatives in preparation for summer, balancing risk aversion flows amidst Middle East tensions. Senate approved bill expanding Iranian crude oil sanctions.
Decrease in U.S. barrel inventories helps balance risk aversion flows. Stability competes with declining fuel demand in the U.S. and Middle East tensions favoring upward oil price movement. Market cautious due to global economy and geopolitics.
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