Geopolitical Risk Keeps Oil Prices Afloat As Bearish Pressure Builds

Oil prices are under an increasing amount of downward pressure, but geopolitical risk and continued production cuts from OPEC+ have helped to halt a significant drop.Chart of the Week- US oil major Chevron has counteracted Exxon’s acquisition of Pioneer Natural Resources by purchasing Hess Corp. in an all-stock deal, paying $171 per share for the US upstream firm.- The fact that both Exxon and Chevron went for crude-focused oil producers with little exposure to renewable energy highlights the difference between US companies and their European…