Crude oil may continue to move sideways amid lack of clear cues

NYMEX crude oil prices rose for four out of five trading sessions last week and yet logged a modest weekly gain of 0.7 per cent. Crude oil rates topped the $66 per barrel mark in the beginning of the week amid supply concerns relating to the US, as a major pipeline servicing the East Coast closed operations following a cyber attack.

Providing further support to price were expectations of a decline in US oil stocks and the forecast by the International Energy Agency, which lowered its 2021 demand growth projection owing to slack demand in Q1. It, however, warned that the global market is undersupplied and may tighten further in the coming months.