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Oil extended declines to hover near a five-month low as a brief relief rally fizzled, with low-conviction trading and mounting concerns about excess supplies leaving algorithmic traders calling the shots.

It is obvious that crude must decarbonize. But COP27 is a reminder that oil consumption must first fall if the world is to achieve net zero.

Hawkish sentiments from policymakers is adding headwinds to crude futures.

Oil slipped after a choppy session as the European Union debates whether to ban Russian crude imports with some key members remaining opposed.

Oil fell as a drop in wider financial markets and softer real-world prices dented gains from Israel's planned ground invasion of Gaza.

Oil Prices were bolstered Thursday by a warning from the International Energy Agency about Supply Shortages now forecasted through end of the year if OPEC+ reductions persist.

Strength in the dollar overcame rising geopolitical risks Tuesday.

Continued US inflation strength increases odds for continued interest rate hikes and an inevitable recession.

Oil futures declined following reports of a modest increase in US stockpiles and mounting concerns over Covid infections from China.

Oil is stabilizing with the summer season demand indicators appearing in earnest.