Oil: Price breakout potential amid geopolitical risks – BNY

FXStreet Insights Team FXStreet

Bob Savage, BNY's Head of Markets Macro Strategy, notes that Oil and gasoline inventories are crucial as the market anticipates potential price breakouts. U.S. Secretary of State Marco Rubio's warning to Venezuela adds to the geopolitical risks surrounding Oil. Investors are closely watching these developments alongside the broader market dynamics.

Geopolitical risks impact Oil

"The role of oil today could be a surprise, with U.S. Secretary of State Marco Rubio issuing a warning to Venezuela if it doesn’t cooperate."

"Oil and gasoline inventories will also matter given that the API reported surprise drawdowns and that U.S. WTI crude oil remains close to a price breakout."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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FXStreet Insights Team

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