"Oil Prices Hold Steady Amid Mixed Geopolitical Signals and Natural Gas Decline"

Despite higher than expected U.S. inflation, oil prices held steady with WTI at $77.04 and Brent at $82.03 per barrel, as the market no longer expects the Federal Reserve to lower interest rates. The ongoing conflict in the Middle East and uncertain supply and demand outlook have kept oil prices in a narrow range. OPEC anticipates a tight crude market this year, with demand forecast to outpace production unless OPEC reverses its production cuts. President Biden dispatched CIA Director William Burns to Cairo for talks on a temporary cease-fire in Gaza, as the war in Gaza raises concerns about potential disruptions in the oil market.