Crude oil prices experienced a noticeable retreat as traders moved to lock in profits following a recent rally fueled by geopolitical tensions and supply concerns. Market participants remained cautious, balancing upbeat demand forecasts against a backdrop of rising inventory levels in the United States. Analysts note that while the fundamentals continue to support the broader price momentum, the current pullback is a natural correction after weeks of steady gains.

Adding to the downward pressure, Kazakhstan’s decision to resume full-scale oil production has injected additional barrels into an already cautious market. The move is expected to alleviate tightening conditions, prompting some investors to adopt a more conservative stance. Key factors influencing the session’s trading include:

  • Kazakhstan’s increased output easing regional supply constraints
  • Profit-taking activities amid elevated crude prices
  • Data showing…