Oil Set To Move Higher As Markets Await Iranian Retaliation

16 Jan, 2020

U.S. West Texas Intermediate (WTI) and international-benchmark Brent crude oil futures hit their highest levels since April after the killing of a top Iranian general.

Short-covering and aggressive speculative buying drove crude oil prices sharply higher after the U.S. airstrike killed Iran’s top general, Qasem Soleimani, in Baghdad. Soleimani had been a key figure in Iranian politics, and his death has raised concerns over a potential retaliation from the Iranian forces.

Prior to the jump in prices, the markets were being underpinned by traditional supply and demand fundamentals that controlled the price behavior from December 1 until the end of the year.

Source: Oilprice.com

Other news