"Oil Prices Hold Steady Amid Inflation Surge and Inventory Trends"

Higher-than-expected US inflation data have capped this week’s pricing upside as the Middle East continues to boil amidst several failed mediation attempts to bring about a ceasefire in the Israel-Palestine conflict. US CPI at 0.3% in January and 3.1% year-on-year does not bode well for interest rate hikes anytime soon and a potential crude inventory increase could start pushing crude prices lower, with Brent so far moving sideways at $82 per barrel. OPEC cuts its oil supply forecast, while Saudi Arabia emphasizes its energy transition efforts. US shale production is expected to recover in March, and various major energy deals and developments are taking place globally.