Oil price is
rising and even an inventory hike did not affect its elevation to the current
level this week.
It went down
at the early hours on Friday, most probably after the news about an air strike
by the US inside Syria, targeting a group of fighters supported by Iran.
Although the
attack did not have the potential to trigger off a regional conflict, it
affected the market sentiment in Asia in the early hours – hence, the drop in
price.
Since its
impact died down by Friday evening, the oil price may rise again when the
markets are open next week.
One of the main
catalysts for the buoyancy in the crude oil markets, in this context, seems to
be the forecast by the EIA, the US Energy Information Administration that shows
a steady decline in US crude production.
Ban on
fracking in Federal lands only makes it more relevant as far as crude oil
futures are concerned. The analysts at the OPEC+ may be dissecting this graph
as if it was a live specimen in order to read into the crests and troughs of
the dashed line.
