The recent news from Lebanon initially provided some support for crude oil prices, but traders remain skeptical about a genuine supply shock in the region.
Equity markets and volatility indicators showed no signs of concern, indicating that the recent increase in crude prices was simply a result of traders adjusting positions.
With no significant follow-through buying in Asia, both Brent and WTI crude are showing a marginal decrease today as market sentiment shifts.
The upcoming Fed meeting could heavily influence crude prices, as the market will look for cues in future demand based on the Fed's tone.
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