Concerns about everything from manufacturing to housing are keeping oil prices from mirroring the heat index in Texas, but it’s possible that crude oil prices are moving to a higher range, analysts said.

West Texas Intermediate struggled again to hold to the $80 mark last week as dismal economic data bruised market confidence. The U.S. housing market is grim, given the rise in lending rates, and new orders for durable goods posted the worst downturn since April 2020.

“These concerns pushed WTI below $80 per barrel last week, but a tight global supply disposition should limit further downside movements,” said Christopher van Moessner, the oil futures editor for S&P Global Commodity Insights. “At the end of the day, OPEC and its allies continue to keep a heavy thumb on the supply side of the market and are likely to meet any significant demand slowdown with price-supporting output restrictions.”