Citi explains why oil prices are trading lower
In the latest Oil Monitor report from Bank of America, a notable decline in oil prices is attributed to shifting market dynamics, with geopolitical concerns taking a back seat to supply-side factors.
"The market's perception of the impact on global oil supply of geopolitical developments in the Middle East moderated, with risk premia in the OTM options also compressing, putting crude oil prices under intense downside pressure," the bank wrote. "With crude oil prices now trading over $10/bbl off their highs, we could not rule out some speculative buying, but still believe the right strategy in this balance between geopolitical risks and loosening fundamentals is to sell any rally," they explained.After the US surpassed Russia a and Saudi Arabia to become the worlds largest producer of oil, in August of. 2018, the price of oil collapsed, from $77 per barrel to $40 in a matter of a few months.
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