Under conflicting signals, oil prices dipped slightly.

Amid conflicting signals, oil prices dipped slightly in early trading. Analysts from the ANZ Research Department stated in a research report that, on one hand, there are signs that oil supply is increasing. These analysts said, "It is reported that Gulf oil-producing countries such as the UAE and Saudi Arabia are doing their utmost to keep their exports flowing, including switching transponders to transport goods through the [Hormuz] Strait undetected." They added, on the other hand, "There are reports that Iran-backed Houthis have targeted Saudi Aramco's refinery in Jazan on the Red Sea coast." Recently, West Texas Intermediate crude futures fell by 0.1%, priced at $81.20 per barrel.