By November 13, 2017 0 Comments Read More →

Oil prices flat, but still seeing a geopolitical risk premium

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Simmering tensions in the Middle East continued to support a risk premium for crude oil prices Friday, with U.S. oil starting to test the $60 per barrel range.

Crude oil prices jumped more than 3 percent in Monday trading after a crackdown on corruption in Saudi Arabia was interpreted as a grip on power by Crown Prince Mohammed bin Salman and tacit support for an OPEC-led drive to stimulate oil prices with coordinated production cuts.

Those cuts would support the value of Saudi Aramco, which on Thursday signed a handful of deals valued at more than $4 billion. More risk was added, meanwhile, when Riyadh called its citizens out of Lebanon following the abrupt resignation of Prime Minister Saad Hariri…

 

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