Oil Price Analysis and News
- Oil Risk Premium Rising with Military Coup Underway in Venezuela
- Saudi Arabia Hints at OPEC Supply Cut Extension
Oil Risk Premium Rising with Military Coup Underway in Venezuela
Oil prices have been grinding higher throughout the European session with Brent crude rising over 1.4% and WTI gaining 1.5%. This has stemmed from reports on Reuters that the US-backed interim President of Venezuela, Juan Guaido has begun the process of a military coup against Venezuela’s Maduro. Consequently, this looks set to amplify the fragile political situation in the country, while also raising concerns of potential oil supply outages if the tensions were to rise significantly. As such, rising risk premium attached to oil should keep oil prices from posting a prolonged drop.
Saudi Arabia Hints at OPEC Supply Cut Extension
What has been made apparent from the rhetoric by Saudi Energy Minister Al-Falih is that Saudi Arabia will be reactive as opposed to proactive, with the energy minister noting that they will replace Iranian oil if the demand is there. Alongside this, the energy minister had also hinted that OPEC could possibly extend the current production cuts, thus providing underlying support for energy prices.
Brent Crude Price: 1-Minute Timeframe (Intra-day)
Oil Impact on FX
Net Oil Exporters: These counties tend to benefit when the price of oil rises. This includes RUB, CAD, MXN, NOK.
— Written by Justin McQueen, Market Analyst
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