Navigating the Volatile Oil Market: Key Factors and Forecasts

Oil prices traded slightly lower as concerns over a potential economic slowdown due to extended rate hikes by the Federal Reserve outweighed fears of supply constraints. Recent data supported the case for further rate hikes, while factory activity growth in China showed signs of slowing down. Analysts anticipate tighter supplies and a potential price boost in the second half of the year, with Saudi Arabia pledging to cut additional output and the US replenishing its Strategic Petroleum Reserve. Market attention now turns to an OPEC conference later this week for insights into future supply levels.