WTI crude futures traded around $82 per barrel on Monday, hovering at four-week lows, as investors were weighing the situation in the Middle East and abundant supplies of major crude grades. Iran downplayed Israel’s apparent strikes on its territory last week and said it does not plan to respond. Additionally, the US House passed new sanctions targeting Iran’s oil sector, expected to be included in a foreign-aid package, specifically aiming at shippers and refiners of Iranian crude oil. On the economic front, concerns over inflation have resurfaced, as comments from Federal Reserve officials and higher-than-expected inflation data have tempered expectations of a rate cut. Also, the latest data showed that US crude inventories increased by 2.7 million barrels, nearly double the 1.4 million barrels rise expected by analysts.
