Oil set for first weekly drop in three as Mideast situation holds
© Reuters. FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023/File Photo
"As a trader I'm going to have to say we are somewhat out of our league here - trying to ascribe a value to geopolitics when no meaningful supply has been disrupted outside of the levant," said Kelvin Yew, a senior oil trader at Ocean Leonid Investments. "... remains incredibly difficult even for the most knowledgeable regional watchers to make high conviction calls about the trajectory of the current crisis as the redlines that could bring more players onto the battlefield remain largely indiscernible," RBC Capital analyst Helima Croft said in a note.
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