There has been a big move in crude market. The global trade conflict going on at the moment is certainly providing a lot of volatility and has some pretty wide ramifications for the oil market, said Daniel Hynes, Senior Commodity Strategist at ANZ Research.
“I think the market certainly is in a position where it could certainly spike higher due to the declining inventories and the real possibility of geopolitical risk causing some sort of supply side disruption”, he said.
“The issues around the trade conflict certainly rises the risk of the US becoming even tougher on Iran and the renegotiation of that nuclear agreement”, he added.