"Oil prices retreated today after yesterday's rebound, with geopolitical events dominating price action and fuelling a volatile environment. The developments in the Middle East remain a strong catalyst for crude and could continue to drive the market's direction over the short-term. The confirmation that talks between the US and Iran will be held in Oman on Friday limited concerns about an immediate escalation in the oil-rich region."
"However, the market could react strongly to any new setbacks as worries about the impact on the energy infrastructure and supply in the region remain high. As a result, the talks will be under scrutiny, fuelling caution in the meantime. At the same time, the latest API and EIA data showed US crude inventories declined last week more than expected, helping to cushion the downside risks to a certain extent."
Oil prices retreated today following yesterday’s rebound as geopolitical events dominated price action and increased volatility. Developments in the Middle East remain a strong catalyst for crude and could continue to drive near-term market direction. Confirmation that US–Iran talks will be held in Oman on Friday reduced immediate escalation fears, but the market could react strongly to any new setbacks given high worries about impacts on regional energy infrastructure and supply. The latest API and EIA data showed US crude inventories declined last week more than expected, partly cushioning downside risks. Persistent oversupply concerns could still pressure prices if geopolitical risks ease.
Read at London Business News | Londonlovesbusiness.com
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