Oil prices fluctuate amidst conflicting supply and demand signals.

Institutional traders have reduced their positions in crude oil and fuels by 238 million barrels over the past six weeks, indicating that they are not buying the oil deficit story. Traders have been focusing almost exclusively on consumption lately, ignoring bullish news such as Chinese crude oil demand hitting a record in April and the US debt ceiling bill being passed. The fear of a recession is dampening appetite for oil, and traders are acting in anticipation of that recession regardless of OPEC+ actions aimed at curbing supply.