Oil prices are trading higher – Danske Bank

FXStreet Insights Team FXStreet

Oil prices have rebounded lately, Danske Bank's FX analyst Stefan Mellin reports.

Market is worried about sanctions and related supply side effects

"A host of factors are driving the market including trade woes, growth concerns, halt in the USD sell-off and new oil-related sanctions. The fact that oil prices are rising in this environment to us suggests that the market is more worried about sanctions and related supply side effects."

"However, we doubt this can drive oil prices much higher since OPEC+ has started hiking output. Rather clarity on global trade policy and preferably fewer tariffs than what has been pre-announced so far could push oil prices another leg higher."

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