Oil futures are on an upward trajectory, with WTI marking its fourth consecutive session of gains and Brent increasing for the third time in four sessions.
The geopolitical risk premium is notably influenced by Ukrainian attacks on Russian oil facilities, which have alleviated apprehensions regarding potential market oversupply.
Phil Flynn from the Price Futures Group commented, “Current discussions around an oil surplus aren’t reflected in the actual figures. Indicators suggest that OPEC may be nearing its production limits amidst ongoing supply threats stemming from the protracted Russia-Ukraine conflict.”
