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Oil benchmarks have been sandwiched in recent sessions.
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.
Considering oil’s last week’s performance, the psychologically important $90/bbl is set to provide strong resistance.
Still, oil prices are currently in a very supportive environment, especially given unabated fears of a broader conflict in the Middle East.
- If Iran does attack Israel, there’s bound to be a knee-jerk spike up for oil.
- The IEA’s report later today may sway Brent ahead of the weekend.
Over the near-term, oil bulls are set to remain tempted by the $100/bbl handle, even as they parse through the present supply-demand equation.
Source: https://alpari.com
