Oil jumps back above $78 after a brief decline. Norway, Ireland and Spain said they will recognize a Palestinian state on May 28. The US Dollar Index is trading in a narrow range ahead of an eventful 24 hours. The move underlines the concerns on how Israel is dealing with the situation in Gaza, disregarding calls for a ceasefire and to allow more humanitarian help in the strip.
supply cuts. A lot of questions are now arising on the geopolitical front, namely if the US will remain standing by Israel as an ally despite mounting criticism across the globe. A retreat in the Middle East could mean an end to diplomacy with escalations and elevated Oil prices as the end result, a narrow path for the US to navigate through. On the upside, the line in the sand remains at the 200-day Simple Moving Average at $79.61.
is a group of 13 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When
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