Oil prices have been fluctuating with modest gains and losses over the past two weeks, with WTI crude futures hovering around $67 per barrel.
On the bullish side, tensions in the Middle East escalated as Israel launched a new ground operation in Gaza, breaking a two-month ceasefire.
Also, a ceasefire between Ukraine and Russia remains distant, despite a temporary halt in strikes on energy facilities.
On the demand side, U.S. gasoline inventories fell to their lowest levels since the start of the year, while distillates, including diesel, also declined, easing concerns over consumption.
Crude stockpiles rose less than API expected, and levels at the Cushing, Oklahoma, hub decreased.
However, OPEC+ plans to increase production by 138,000 barrels per day in April, marking its first output rise since 2022, which could contribute to an anticipated surplus and put downward pressure on prices.