ING strategists Ewa Manthey and Warren Patterson note that Oil prices have risen for a fourth straight session, supported by US-Iran tensions and concerns over shipping through the Strait of Hormuz. A slightly bullish US inventory backdrop, record-high diesel crack spreads and global refining constraints are also tightening the market and underpinning Oil prices in the short term.
Geopolitics and inventories underpin crude
“Oil prices extended gains for a fourth consecutive session on Wednesday as uncertainty over a resolution to the US-Iran conflict continued to support risk premiums. US President Donald Trump reiterated that no talks were…
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