Bullish Sentiment Slowly Builds In Oil Markets

Oil prices are on track for a slight weekly gain as traders grow cautiously bullish despite a strengthening U.S. dollar and speculation on another rate hike from the Fed. Friday, July 21st, 2023This week has seen the first replenishment of US SPR stocks in more than two weeks and another week-on-week decline in oil inventories (albeit a meager 0.7 MMbbls), prices have been trending sideways as bullish indicators were capped by a stronger US dollar and resurgent speculation about the upcoming OMC meeting of the Federal Reserve next week. With…