Crude oil prices rallied due to a significant drop in U.S. oil stockpiles alongside softer inflation data, which raised expectations for a Fed rate cut.
A sharp decrease in U.S. oil inventories by 5.2 million barrels exceeded the expected 2 million, possibly bolstering crude prices despite lower demand forecasts.
Upcoming U.S. inflation data and retail sales reports are likely to add volatility to oil prices, with softer inflation potentially supporting demand.
Geopolitical tensions in the Middle East continue to provide a supportive backdrop for crude prices, although the situation remains precarious.
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