Oil prices have remained largely rangebound over the last month as bullish and bearish factors continue to counterbalance each other. 

The flatlining of oil prices continued this week despite positive trade data coming out of China and impressive Indian oil demand, with a continued build-up in US crude inventories and skepticism vis-à-vis OPEC+’s extended voluntary cuts offsetting that positive momentum. The last time ICE Brent futures settled outside of the $80-85 per barrel bandwidth was on February 7, suggesting the end of this week will mark a month-long sideways drift for oil. Saudi Arabia transferred an 8% stake in Saudi Aramco worth more than $160 billion to the country’s Public Investment Fund, widely seen as corporate reorganization before the NOC’s public offering later in 2024.