We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Wall Street IG Client Sentiment: Our data shows traders are now net-short Wall Street for the first time since Sep 21, 2023 when Wall Street traded near 34,068.90.surged on Friday ahead of a ground offensive expected by Israel into northern Gaza.
The threat of sanctions would only exacerbate an already tight oil market unless progress around Israel-Saudi relations – brokered by the US - leads to an agreement from Saudi Arabia to raise its production to offset the lost Iranian supply. Another concern for the oil markets appears via the Strait of Hormuz – which accounts for around 20% of global oil supply.
Oil market trading demands an understanding of the fundamental drivers of demand and supply that guide price action. Discover what these are by reading the essential fundamental guide below:It is always challenging to anticipate the magnitude of moves during times of large-scale conflict, particularly in an area of the world so crucial to global oil supply. Therefore, areas of interest to the upside at $88, followed by a possible retest of the swing high of $93.
Source: Financial Digest (financialdigest.net)
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