• Crude Oil markets remain on the low side despite Middle East concerns.
• Declines in US barrel counts appear to have snapped after API supplies print.
• Crude Oil markets may have found a floor, but price pressure weigh.

West Texas Intermediate (WTI) US Crude Oil fell back below $73.00 per barrel on Tuesday as fossil markets struggle to find a foothold with barrel bids firmly entrenched in the low side after a four-week tumble.

The American Petroleum Institute (API) released their Weekly Crude Oil Stock counts for the week ended August 2, reporting a thin 180K buildup in US barrel counts. Still, the figure looks set to end a multi-week run of sharp declines in US Crude Oil supplies after last week showed a -4.495 million barrel contraction. Crude Oil traders will be looking ahead to the Energy Information Administration’s (EIA) own Crude OIl supplies counts reported on Wednesday.

The ongoing Israel-Palestinian Hamas conflict threatened to bubble over last weekend after two suspected assassinations of Iranian Hezbollah officials. Iran has publicly vowed direct retaliation against Israel for the killings, prompting a naval reaction from US forces to move into the region in advance of any Iranian operations. Despite the significant uptick in geopolitical tensions, Crude Oil markets are having a difficult time finding the bidding pedal, and barrel prices remain subdued.