For now, the upside impulses stemming from amplified supply-side risks are being counteracted by the downward drag from elevated US stockpiles and the rising prospects of delayed Fed rate cuts.
Geopolitical tensions fuel Brent’s positive start to 2024
Brent is set to be kept rangebound between $70 and the low-$80s. Although rising geopolitical tensions are feeding into supply-side fears, which have helped support oil prices, its near-term gains are set to remain limited by the darkening global demand outlook.
The global oil benchmark has been unable to keep its head above the psychologically-important $80/bbl line, for now. Stronger support may arrive as trading volumes are restored in the new year, provided the US dollar keeps moving lower on hopes for Fed rate cuts in 2024.
For now, the upside impulses stemming from amplified supply-side risks are being counteracted by the downward drag from elevated US stockpiles and the...
Brent is set to be kept rangebound between $70 and the low-$80s. Although rising geopolitical tensions are feeding into supply-side fears, which have ...
Brent
Oil
US crude inventories
geopolitical risks
Middle East
The global oil benchmark has been unable to keep its head above the psychologically-important $80/bbl line, for now. Stronger support may arrive as tr...
Brent
Oil
Middle East
Israel-Hamas war
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