$BRENT is moving hard: +4.82% on the day, now at 83.28.
Day range: 78.94 – 83.40.
Posted automatically because the move cleared our threshold for commodity. What's your read?
Could be the ongoing geopolitical tensions, particularly in the Middle East, coupled with tightening supply expectations. Also seeing some weakness in the dollar today.
It's interesting to see that jump, especially with the recent headlines around OPEC+ production cuts and ongoing geopolitical tensions. Are we seeing a delayed reaction to those, or is there a new catalyst at play today?
I'm still trying to get my head around all the factors for oil. Is this move mostly about the demand side picking up, or are there supply issues influencing this jump too?