Oil prices rose on Friday, regaining ground after tumbling more than $2 a barrel in the previous session as concerns of a wider Middle East conflict eased...
SINGAPORE - Oil prices rose on Friday, regaining ground after tumbling more than $2 a barrel in the previous session as concerns of a wider Middle East conflict eased while the United States, the world's biggest oil consumer, showed signs of weakening demand.
"As a trader I'm going to have to say we are somewhat out of our league here - trying to ascribe a value to geopolitics when no meaningful supply has been disrupted outside of the levant," said Kelvin Yew, a senior oil trader at Ocean Leonid Investments. "... remains incredibly difficult even for the most knowledgeable regional watchers to make high conviction calls about the trajectory of the current crisis as the redlines that could bring more players onto the battlefield remain largely indiscernible," RBC Capital analyst Helima Croft said in a note.
Voluntary supply cuts by Saudi Arabia and Russia, which will be in place until the end of the year, are tightening markets globally and supporting prices, analysts said.Critics Say Matt Gaetz's Nickname For New House Speaker Is Alarmingly On PointIt may seem like a pile-on by now to Premier Danielle Smith and the United Conservatives.
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