3 Factors That Could Drive Oil Prices Higher

U.S. West Texas Intermediate crude oil futures are trading nearly flat after posting a volatile two-sided trade throughout the week. Underpinning prices were concerns over tightening supply that offset the destructive impact of uncertain demand, and the news that the United States will release more crude from its Strategic Petroleum Reserve (SPR). For bullish traders, the focus should be on tightening supply. The factors influencing this narrative are the OPEC+ production cuts, the EU embargo on Russian energy products, and falling U.S. stockpiles.…