Traders are waiting for the latest U.S. petroleum inventory data with the market's focus shifting back to supply and demand fundamentals.
Traders are waiting for the latest U.S. petroleum inventory data with the market's focus shifting back to supply and demand fundamentals.President Joe Biden is unlikely to enforce the sanctions, limiting their impact on the oil market, according to Rapidan Energy.
A pumpjack is shown outside Midland-Odessa area in the Permian basin in Texas, U.S., July 17, 2018. Image taken July 17, 2018.Traders are waiting for the latest U.S. petroleum inventory data with the market's focus shifting back to supply and demand fundamentals as the threat of war between Israel and Iran has faded.June contract: $82.99 a barrel, down 37 cents, or 0.44%. Year to date, U.S. crude oil is up more than 15%.June contract: $87.14 a barrel, down 28 cents, or 0.32%.
"We maintain our view that the Biden administration has no intention of strictly enforcing sanctions that could drive up global crude prices in an election year," the geopolitical risk service Rapidan Energy told clients in a note before the legislation passed.
The flow of oil from the Middle East has not been interrupted by conflict, production is growing in the U.S., inflation remains stubborn, and OPEC has ample spare capacity to roll back on the market in the event of a supply emergency, Varga said. "It is fair to conclude that the last two on the list played the most prominent roles in bringing the price of Brent down from $92/bbl less than two weeks ago to below $86/bbl on Monday," the analyst told clients in a note Wednesday.Wall Street's scenarios for the Israel-Iran conflict from here and its impact on the oil market
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