Weekly Oil Report: Is Crude Preparing for Another Rally?

Oil prices set back in the middle of the last week due to the calmer situation of the war and a sudden sentiment for the increasing supply and rising interest rates of the US. The prices even touched below $100 but on the last session of the market, Brent closed at $105.75 and WTI touched $105.35 . Fundamentally, the market is still worried about supply and demand factors. Therefore, we can expect the price to rise again during the coming days.

The Federal Reserve finally announced the increase of the interest rate to 0.52% last week. The event can strengthen the dollar more than before. However, it did not shock the market tremendously because traders expected the raise.

The truce that was expected to happen between Russia and Ukraine has not happened. The countries are still in a fight and they have not reached any agreement.

Buyers have mostly self-sanctioned Russia after the attack and we have got a huge gap of supply in the market. The OPEC has not announced any increase except the monthly push. UAE and Saudi Arabia seem to be willing for taking larger markets; however, none of the countries has yet stepped forward. India has great potential to increase the export at the moment.