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What are the major influences on the oil market right now?

Posted by Nate Gendelman on 2/26/19 11:32 AM
Nate Gendelman

Factors influencing prices high: OPEC cuts, geopolitical situations involving Iran and Venezuela, slow but steady increase in demand.

Factors depressing prices: US domestic production at all-time highs; reasonably flush inventories; pressure from Trump on OPEC to keep prices low, and the global economic slowdown.

Although on balance the bears have the stronger case, for today it is the bullish side that is ascendant as oil prices are markedly higher.

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