Oil prices are locking in gains for this week and could further jump with geopolitical tensions spiraling out of control and ahead of the key monthly report from OPEC. On the geopolitical side, CNN reported that US intelligence expects a flare up in
WTI trades back above $85 with arising tensions in Gaza adding to risk premium. Oil traders remain bullish amid reports of a potential Iranian retaliation against Israel or US assets in the Middle East. The US Dollar Index sprinted to 105.00 on a hot US inflation report ahead of the ECB meeting.
report is set to be released later this Thursday. No real change is expected besides a prolonging of the current production cuts. Mexican Oil exports are steady, though not recovering after Oil exports in March tumbled to the lowest levels since 2019, Bloomberg reports. US Intelligence believes major drone and missile strikes by Iran are set to take place, both Bloomberg and Reuters report. Occidental Petroleum Corp. is set to restart its Gulf of Mexico output after a pipe leak earlier.
influence the price of WTI Oil? decides to lower quotas, it can tighten supply, pushing up Oil prices. When
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