Oil prices are strongly 8 to 10 percent higher in the wake of the weekend drone attacks on the Saudi Arabia oil operations.
The new oil markets trading week could emerge with a very volatile pattern after the attack on Saudi Arabia’s oil operations.
A drone strike on Saudi Arabian oil fields has the potential to push oil prices strongly higher, have a negative impact on global equity prices, send gold prices higher and likely push the U.S. dollar higher versus most currency pairs.
Even at current oil supply levels, current geopolitical issues will likely continue to cause tension in the market.
A brief analysis of the new information released by the Energy Information Administration in their short-term energy outlook on May 7, 2019.
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