Geopolitical factors remain the primary influence on the oil market
Geopolitical factors remain the primary influence on the oil market: Tyler Richey, Sevens Report Co-Editor, Quoted in MarketWatch on MSN
Oil prices fall, but settle above lows, as traders monitor Middle East risks
Geopolitical factors remain the “primary influence on the oil market,” and news that Israel was withdrawing some troops from parts of Gaza was seen as a step toward de-escalation in its military conflict with Hamas, Tyler Richey, co-editor at Sevens Report Research, told MarketWatch.
Also, Israeli Prime Minister Benjamin Netanyahu reportedly announced that a date has been set for an invasion of Rafah, which has been a “hotly contested issue in the ongoing talks between Israel and Hamas,” said Richey.
“The initial perception of improving geopolitical dynamics between Israel and Hamas initially weighed on oil prices [Monday], but renewed uncertainties about the potential for the military conflict to intensify” saw much of the early losses recovered before the close, Richey noted.
Also, click here to view the full MarketWatch article published by MSN on April 9th, 2024. However, to see the Sevens Report’s full comments on the current market environment sign up here.
If you want research that comes with no long term commitment, yet provides independent, value added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.
To strengthen your market knowledge take a free trial of The Sevens Report.
Join hundreds of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here.
