Brent trades sideways amid supply-demand uncertainties

Oil benchmarks have been sandwiched in recent sessions.

For now, the upside impulses stemming from amplified supply-side risks are being counteracted by the downward drag from elevated US stockpiles and the rising prospects of delayed Fed rate cuts.

Considering oil’s last week’s performance, the psychologically important $90/bbl is set to provide strong resistance.
 

Still, oil prices are currently in a very supportive environment, especially given unabated fears of a broader conflict in the Middle East.
 

• If Iran does attack Israel, there’s bound to be a knee-jerk spike up for oil.
   
• The IEA’s report later today may sway Brent ahead of the weekend.
   

Over the near-term, oil bulls are set to remain tempted by the $100/bbl handle, even as they parse through the present supply-demand equation.