Is Oil Poised To Surge?

There are mixed driver’s for oil right now. Middle East tensions mean the risk of contagion on the region could impede global oil supply. An Iranian involvement in the Gaza/Israel conflict could send oil sharply higher.
Text image. How will the opec+ meeting impact oil.

How Will The OPEC+ Meeting Impact Oil?

Oil markets have been pushed and pulled around in recent days and weeks on the worries about supply with the Israel Hamas conflict and most recently on concerns regarding the collaboration of production levels within the OPEC+ group. The latest concern is Nigeria and Angola, having to accept a new baseline that reflects their actual production capabilities.

Oil bulls to fight bearish seasonal signal

The geopolitical crisis in the Middle East has been providing a boost for oil prices on speculative flows. The risk of a wider conflict could threaten the oil supply to the world and that has been the reason for sudden buyers to step into the oil market pushing prices higher.

US oil

US oil has some mixed drivers right now. The OPEC+ production cuts had been providing some support for oil alongside a weaker USD. Furthermore, the announcement of a 16 point property support plan for China could prop up more expectations…