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Oil prices have become stuck in a holding pattern.

Oil prices have given up nearly all their 2022 gains, analysts at Standard Chartered highlighted.

Global oil prices have been in a turbulent downtrend, according to BofA Global Research.

A 9.6 million barrel US crude stockpile drop and robust gasoline demand bolstered crude futures Wednesday.

'In our view the rise in prices is a belated market acknowledgment of a significant tightening'.

Oil settled a penny higher after a choppy session in which mixed signals, including a price hike for Saudi crudes and broader risk-off sentiment, pulled traders in opposite directions.

Oil prices were barely changed after struggling to find direction all day as traders contend with both a dimming demand outlook and tightening crude supplies.

Crude prices rallied across the week buoyed by an inventory drawdown.

Ukraine attack on Rosneft PJSC refinery added tailwinds to supplement the largest supply drawdown in nearly two months.

Oil rose with a technical correction to the upside after last week's slide, aided by supply disruptions in Canada and positive fuel demand indications.