The oil price is taking a breather in today’s trading session after yesterday’s solid gains on the back of an unexpected rise in US inventories, but many expect the news will ware off and further gains are expected as tensions grow between the US and Iran.
U.S. crude stockpiles of crude which have been relatively stable in recent months caught the market off guard by rising 8.6 million barrels to the week ending May 10 to 477.8 million barrels which was well above analysts’ expectations with most predicting a decrease of around 800,000 barrels.
If the EIA report confirms a strong build we could see that weigh on oil prices but too many geopolitical risks remain that should keep prices supported,” Edward Moya, senior market analyst at OANDA
With the US sending more military force to the Persian Gulf, some see this as a possible build up to military confict which is likely to keep the oil price well supported over the coming months and even though both sides are denying a war is in the making, others believe it could happen unintentionally.
“We are very worried about the risk of a conflict happening by accident, with an escalation that is unintended really on either side,” noted the British foreign secretary, Jeremy Hunt
“I think what we need is a period of calm to make sure that everyone understands what the other side is thinking.” He added.
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