Oil shrugs as supply glut absorbs shock from worsening Saudi and Iran ties | The National:
"At almost any other time, an escalating diplomatic conflict between Opec members Iran and Saudi Arabia would mean a spike in oil prices.
That the rally this time could not be sustained shows just how abnormal things are in the oil market. Brent crude erased an initial gain of more than 4 per cent on Monday as a global supply glut and the slowest Chinese growth in a generation trumped mounting strife between the nations on either side of the world’s busiest waterway for oil tankers.
“When oil supplies were tight, we’ve seen bigger reactions to geopolitical tensions,” said Tushar Tarun Bansal, a senior oil analyst in Singapore at industry consultant FGE. “Now the price rise has actually been quite muted because the world is in a surplus situation.”"
'via Blog this'
No comments:
Post a Comment