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Brent crude is trading near $81 a barrel, while West Texas Intermediate is below $77.
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Traders are waiting for industry reports from OPEC, the International Energy Agency, and US inventory data to confirm if the recent decline in oil prices has been overdone.
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The release of these oil market reports will be the focus and any signs of tightness could shift sentiment.
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Supply from the Middle East has not been affected by the conflict between Israel and Hamas, while shipments from Russia and the US are increasing.
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Israeli jets struck Hezbollah targets in Lebanon, indicating a potential escalation of the conflict.
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Talks on securing the release of Hamas-held hostages are intensifying.
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Iraqi Oil Minister is visiting the Kurdistan region to discuss the resumption of oil exports via Ceyhan in Turkey, which has been halted since March due to a dispute and earthquake damage.
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