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Oil Prices Steady Around $62.40

Markets pause as traders await supply updates

Oil prices remained relatively stable today, with West Texas Intermediate (WTI) crude hovering near $62.40 per barrel. This follows recent volatility that has kept traders cautious. The current price stability reflects a wait-and-see attitude in global markets, as investors anticipate fresh inventory data from the U.S., along with potential signals from the Federal Reserve on monetary policy and its impact on energy demand.

At the same time, ongoing geopolitical tensions continue to offer some support to prices, while slowing industrial activity in major economies puts a cap on further gains.

Market participants are also closely monitoring potential statements from OPEC+ regarding future production levels, as expectations point toward stable supply in the near term.