WLDOIL Retreats Below $103 on Weak Demand After $126 Peak

WLDOIL has pulled back below $103/bbl as weaker global energy demand signals trigger long liquidation, erasing much of the rally from an April 30 peak above $126/bbl for June Brent amid stalled U.S.-Iran talks and Strait of Hormuz risks. The surge followed a 17% plunge to $83.09 on April 17 after Strait reopening, fueled by a 6.233M-barrel U.S. inventory draw on April 29, OPEC+ cuts of ~14.5M bpd, and supply disruptions estimated at 14.5M bpd by Goldman Sachs. Now, soft U.S. Q1 GDP (+2.0%), weak Eurozone growth, EIA stock builds (+1.2% vs. seasonal), and UAE OPEC exit risks are dominating, heightening volatility.