Geopolitical Risk Underpins Oil Prices

Geopolitical risk has pushed oil prices back up this week, but traders are likely to refocus on fundamentals as the month draws to an end and the next OPEC+ meeting looms.Friday, November 22nd, 2024Brent futures have been trading within a narrow bandwidth of $73-74 per barrel, but the return of geopolitical risk has pushed oil prices higher - recouping most of November’s losses to date. Whilst Russia’s launch of hypersonic missiles into Ukraine is keeping the markets busy for now, the contours of an OPEC+ meeting taking place…