What’s driving oil prices higher? – Societe Generale

Dhwani Mehta FXStreet

In the view of analysts at Societe Generale, a “potent mix of geopolitical risks has been the main driver behind the upward move in oil prices in the last two weeks.”

Additional Quotes:

“Many in the oil markets assume that oil sanctions will snap back on Iran on 12 May; this is SG's view (70% probability).

There are also serious concerns about continued steep production declines in Venezuela and the possibility of oil sanctions after the elections on 20 May.

With General Haftar in poor health and leaving Libya, instability in the country could increase dramatically, and large and sustained outages of crude output could again become the norm there.

Tensions between Saudi Arabia and Iran in Yemen, and between Israel and Iran in Syria, also remain extremely high.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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