Oil Prices Under Pressure Despite Israel Sending Troops Into Rafah

Oil prices remained under pressure on Tuesday morning, but Israel's decision to send troops into Rafah and Saudi Arabia's aggressive pricing of its June cargos should help to stop oil prices from falling. - International organizations are increasingly sounding the tocsin on shrinking crude inventories, with the IEA indicating Q2 2024 would see demand surpass supply by a whopping 900,000 b/d, the first two consecutive negative quarters since late 2021. - With OPEC+ curbing supply by means of Saudi Arabia’s and Russia’s voluntary…