Oil Stuck in $128-132 Range Awaiting EIA Inventory Data
Crude oil is stuck in a $128-132 range with no clear directional catalyst. The USO ETF closed Monday at $129.70, down 0.24%, as traders weighed OPEC+ supply discipline against softening global demand indicators. The price action shows low conviction on either side, and the market appears to be waiting for the EIA inventory report due Wednesday for fresh input.
Key Takeaways USO closed at $129.70 on Monday, stuck in the $128-132 trading range. EIA inventory data due Wednesday will provide the next catalyst for direction. Low conviction positioning suggests range-bound trading continues until new data. The lack of movement reflects a market in balance. OPEC+ production cuts have supported price…
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