Oil prices traded lower yesterday with ICE Brent falling back below $82/bbl. From a technical point of view, the market is in overbought territory and therefore a correction is expected. However, rising supply risks continue to provide broad support to oil prices, commodity analysts at INGWarren Patterson and Ewa Manthey.
Oil buyers seek alternatives to Russian oil
“There are reports that the incoming Trump administration is looking at how to address the recent sanctions imposed against Russia and how they could be used as a tool to try to push Russia and Ukraine toward a peace deal. There are also suggestions that the incoming administration will take a aggressive approach toward Iran and Venezuela. The market should get more clarity after the inauguration next week.”
“As for the impact of the latest US sanctions against Russia, buyers continue to look for potential alternatives. Bloomberg reports that Saudi Aramco has received requests from Chinese and Indian buyers for up to 750k b/d of additional oil. And clearly, “The Saudis would not be the only suppliers these buyers would have turned to.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
