Posted 10/13/2023, 1:00:00 PM
Oil Prices See-Saw on Supply Concerns, Demand Signals, and Geopolitical Tensions
- Crude oil prices volatile due to shifting supply/demand and geopolitical tensions
- Prices initially rose on Israel-Hamas conflict concerns, but eased after Saudi promise of market stability
- IEA and EIA reports gave mixed signals on future oil inventories and demand
- OPEC and Russia recommitted to coordinated output for market predictability
- Complex interplay of factors like conflicts, OPEC policy, and economic outlook driving uncertainty
