Following late Saturday’s Iranian attack on Israel, analysts at Goldman Sachs explain the impact of the Middle East escalation on Oil price.
Key quotes
“Our commodities strategists do not expect substantial further upside to oil prices.”
“Hedge funds continued selling US Energy stocks for the 3rd straight week, and the sector has now been net sold in 5 of the last 6 weeks.”
"Any rise in oil prices on higher geopolitical risks may be dampened by oil producers deciding to hedge their price risks and sell forward their production."
"The potential Israeli response to Iran’s attack is highly uncertain and will likely determine the extent of threat to regional oil supply."
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