Crude prices retreat from highs but bumpy road ahead

Crude oil prices have reached a semblance of balance after a meteoric jump last month, when Dated Brent peaked at around US$137.04 per barrel on March 8. Prices are likely to be rangebound in the coming weeks, with bearish factors such as a Middle East-Yemen truce, the release of additional reserves by the US SPR and other members of the International Energy Agency, tempering the impact of short term supply risks due to the ongoing Russia-Ukraine war.

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