Oil prices ease on Middle East ceasefire talks
Oil prices fell more than 1% after Israel withdrew more soldiers from Gaza and ceasefire talks continued.
Crude prices gained around 4% last week on escalating geopolitical tensions, but looking at geopolitics is just one part of the picture. IGTV's Angeline Ong explains how supply, demand and OPEC affect the direction of oil prices.
(AI Video Summary)
A look at the easing oil prices
In this video, Angeline Ong delves into oil market dynamics, highlighting its volatility often amplified by geopolitical tensions. A notable decrease in oil prices is attributed to eased tensions following Israel's reduced military presence in Gaza. Fellow IG market analyst, Tony Sycamore, points to this development as a cooling factor for recent oil price surges. Furthermore, Ong touches on demand and supply elements affecting oil prices, with China's growing demand and OPEC+'s supply adjustments being key factors. This concise analysis offers insight into the complex interplay of geopolitical events, demand, and supply on oil trading.
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