Oil Prices Stuck Between Fear of Escalation and Ceasefire Hopes

Crude oil prices started trade little changed earlier today after a substantial inventory build in the U.S. surprised traders, adding to bearish mood prompted by the Chinese government’s decision to not issue new economic stimulus measures every week. Brent crude and West Texas Intermediate remain higher than a week ago but are off the heights they reached towards the end of the week as traders braced for Israel’s response to Iran’s missile attack on military facilities. So far, this response has come only in the form of strikes…