Geopolitical Concerns in Ukraine And Limited Global Supplies Send Oil to 2014 Highs Above $93.
London, Tuesday, 8 February 2022
On Tuesday, WTI crude futures slipped below $90 per barrel as investors focused on the Iran nuclear talks, which are expected to continue today.
Friendly gestures from Washington and Tehran have prompted some hope that the two sides are moving closer to resurrecting a nuclear deal that would allow the Persian Gulf exporter to resume formal crude exports.
Despite this, geopolitical concerns in Ukraine, limited global supplies, and worries that OPEC+ would be able to deliver on a promised supply increase continue to sustain prices at 2014 highs of above $93.
(Reporting by: The Decision Maker – Banking & Finance editors)