Oil prices dip slightly after hitting 7-week high
Oil prices just slipped a bit after hitting their highest point in seven weeks.
Brent crude is now at $69.13 per barrel and US West Texas Intermediate sits at $64.79, both down slightly from the previous session's jump.
The drop comes as investors respond to a surprise change in US oil stockpiles and ongoing tensions between Ukraine and Russia that are affecting global energy flows.
US oil reserves drop unexpectedly
The US saw an unexpected 607,000-barrel decrease in its oil reserves last week—totally opposite of what experts predicted.
At the same time, Ukrainian drone strikes on Russian energy sites have markets concerned about possible fuel shortages and export hiccups, keeping markets on edge.
Demand remains steady despite seasonal dip
Even with all this drama, things aren't spiraling out of control.
Analysts say there's no major oversupply right now, even though demand usually dips around this time of year.
J.P. Morgan reports oil demand is still growing at about 800,000 barrels per day—pretty much what was expected—so for now, the market seems steady despite all the noise.