Oil prices are rapidly reversing their initial surge following the attack on a US military outpost in Jordan, even as regional tensions remain heightened. West Texas Intermediate prices were close to $80 during Asia hours, but then fell back on Monday morning. Bloomberg’s Will Kennedy reports.
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Let’s turn to the impact on the rising Middle East tensions across the commodi Spectrum Will Kennedy Kennedy is Bloomberg’s senior executive editor for energy and commodities he’s here in New York for the week what better man uh to bring into the conversation well good to see you this morning um you know you
Look at the oil price this morning and you go sorry did I did I miss something of size or has the market if I look at the performance over the past six days we’re up nearly 5% why is there not a more aggressive pricing response to very heightened events over the weekend in
The all Market good morning morning Manis great to be here there has been a response over the last couple of weeks as you say I mean oil is trading higher um uh and it’s made high for the year on Friday obviously it hasn’t gone higher today and I think that comes back to
Something that you and I have talked about several times this year is that none of these events have actually impacted the production of oil so the oil continues to flow now there are some blockages and delays in getting it to Market But ultimately it’s taking longer
To to get there but it is all getting to Market so there’s no battels yet lost in the market and I think that people are cognizant of this idea that no one wants a wider war and I think most people still expect it’s unlikely there will be
An impact on production which then takes us back to the more preent issue which are the additional cuts that were promised to the market by OPEC plus and your responsibility is to monitor that and the story today is there’s a slow start to the new oil Cuts that’s not
Going to happen that’s not going to make Prince abdulaziz bin Salman incred happy no but I mean I think it’s important that the Russians came out at the weekend and said that they are adhering to their Cuts that’s no back over the weekend absolutely and you know when we
Look at the Russian exports they are probably pretty close to what they said they would do I think that one thing the Saudis will take heart from is perhaps the strength of demand as well because you know there’s always a balance to the market and you know the economy here in
The US is doing very well
4 Comments
Biden just launched the nukes
Everyone's watching to see if anything's movin'. Get your popcorn ready.
Perhaps the establishment of an ethnically and religiously pure state that stretches from the Euphrates to sea to Egypt is the end objective of our foreign policy… don't think it will work.
Unlike the Chinese endless "last warning!" American 🇺🇸 and British 🇬🇧 don't bluff.