Oil Edges Higher on Geopolitical Risk, Supply Disruption

Oil prices have slightly risen after a recent fall. Concerns about weak global oil demand have been fueled by Saudi Arabia’s price cuts on crude oil exports. However, analysts at Saxo Markets suggest that Houthi attacks on ships in the Red Sea and oil supply disruptions in Libya could support oil prices. Investors will be monitoring the Energy Information Administration’s energy outlook report and expectations of a cut in China’s Reserve Requirement Ratio to determine oil price movements. Currently, the front-month WTI is up 0.2% at $70.92/bbl, while Brent is 0.3% higher at $76.38/bbl.