Uncertainty in Oil Markets as Speculation Overshadows Fundamentals

Rumors and speculation appear to be driving oil markets this week, adding to volatility as the world awaits a potential ceasefire agreement between Israel and Hamas. Friday, February 2nd, 2024Speculation has overshadowed market fundamentals this week, with unsubstantiated reports of an impending ceasefire between Israel and Palestine dragging Brent futures below $80 per barrel again. On the fundamental side, with OPEC+ rolling over its policy and refusing to change its pre-set course, unforeseen refinery outages in the United States might have…