Publication date:
March 6, 2024
Global Oil Market Fluctuates Amid Inventory Updates and Geopolitical Tensions
Recent events have resulted in notable fluctuations in the global oil market.
Oil
Oil prices have experienced a significant surge, influenced by various factors including an update on crude inventories and Federal Reserve Chairman Powell's testimony on rate cuts. Contributing factors to the market's volatility include the ongoing Israel-Hamas conflict, attacks in the Red Sea, and continued sanctions imposed by the West on Russia's oil sector. These elements have collectively ensured a stable price floor for oil throughout the year, amidst fluctuating market conditions.