Oil futures prices surge as US stocks, dollar fall; geopolitical tensions rise.

摘要

US West Texas Intermediate (WIT) and UK Brent oil futures benchmark prices posted steep increases in the week to March 23. A surprise drop in US oil stocks underpinned prices, as did a weakening of the dollar. Also driving up prices were threats of a US trade war with China and potential for a conflict with Iran. Oil prices dipped on Monday, as the market cooled off from a run-up during the second half of the previous week. A big selloff on Wall Street was the primary driver, as oil prices continued to show a close correlation with the equities markets. Keeping prices from falling further, however, were expectations that firm global demand would continue to grow, limiting the bearish influence of soaring US shale oil output, players said. "We keep talking about all this shale oil production, but it's not really showing up that much in global inventories; they continue to be tight," noted Phil Flynn with Price Futures Group.