Oil Prices Rise Despite Multiple Bearish Catalysts

Oil prices are rising despite concerns about Trump imposing tariffs on trading partners and talk of a peace deal between Russia and Ukraine. Oil prices are now set to end the week with a gain, ending a three-week losing streak. Backwardation has eased in global crude futures and oil is set to rebound from three straight weeks of losses. This week’s largest geopolitical development – the prospect of a Russian-Ukrainian negotiated settlement – has oddly failed to push prices significantly lower, even though it had a massive and…