Oil Prices Under Pressure Despite Rising Geopolitical Tensions

Crude oil prices whipsawed between an early gain and a loss in a matter of hours in pre-noon trade in Asia today locked between bullish and bearish events. On the bullish side, Venezuelans voted in a referendum about what essentially would amount to an annexation of two-thirds of neighboring Guyana. Reports then emerged that the Houthis had fired missiles at three commercial ships in the Red Sea, marking a further escalation in the region. On the bearish side, OPEC+ production cuts agreed last week have left traders unimpressed. Instead of causing…