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On Tuesday (May 16th), during the Asian-European session, US crude oil traded in a narrow range, currently around $70.95 per barrel. The US announcement of repurchasing oil for its emergency strategic petroleum reserves provided support, while the raging Canadian wildfires exacerbated supply concerns. Market expectations for the United States to reach a debt ceiling agreement also increased, providing support for oil prices. However, speeches from Federal Reserve officials leaned towards a hawkish stance, dampening expectations of interest rate cuts within the year. The relative strength of the US dollar index poses a risk for oil prices to return to a downward trend, and caution is still needed.
