Oil Prices benefited from weak US Flash Manufacturing PMI figures at 49.9, technically contraction territory, reviving hopes of a US rate cut. The next FOMC meeting is on May 2 with the primary concern remaining to be persistent inflation pressures. Note as well the numbers actually imply that demand for oil could further weaken before…
Oil prices saw a brief surge Friday on Israel’s retaliatory attack into Iranian territory only fall back to where it opened given the mostly symbolic nature of the attacks underscoring vulnerability of the oil market absent geopolitical tension. We have already heard back from Iran with its Foreign Minister Hossein Amirabdollahian telling NBC News that…
Surprisingly Oil prices Friday settled right where it opened after a brief peek above 91.51, six months high, over the Iranian threat of an attack on Israel, later “Operation True Promise”. We note that oil has largely been buoyed by global conflicts and attempts to constrain supply by OPEC, even as demand remains tepid amidst…
