Crude Oil Prices Choppy, Rising Geopolitical Risks to Spark Oil Volatility
of clients are net short.
Long
News
of clients are net short.
Long
News
of clients are net short.
Long
News
of clients are net short.
Long
News
2021-04-07 10:30:00
Justin McQueen,
Analyst
API Inventories Show Larger Than Expected Drawdown
Geopolitical Risks on the Rise
Since the OPEC outcome, which on the whole had been a surprise, oil prices have remained relatively rangebound as the market battles the cross-currents of a stronger economic recovery with a resurgence of virus cases. Going back to the OPEC decision, last week oil ministers unexpectedly agreed to ease production curbs, which will see roughly 2.3mbpd back online from now until July. This also comes at a time where large oil importers such as India are seeing a rise in Covid cases. Therefore, going forward, heightened volatility is likely to persist for the crude oil market.