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Oil Bounces Off Monthly Low as War Risk Keeps Traders Skittish
West Texas Intermediate crude bounced off a monthly low to trade above $83 a barrel as war risk continues to whipsaw the market. With the US Congress moving to sanction Iran’s oil sector and the conflict between Israel and Iran threatening to escalate, prices may continue to see sharp swings. Last week, crude posted the biggest weekly drop since February. Even after recent declines, oil is roughly 12% higher this year, buoyed by OPEC+ supply cuts. Investors will be focusing on a slew of US economic data this week, including the Federal Reserve’s preferred measure of inflation, which will give more clues on the ... (full story)