Middle East tensions spark small recovery

摘要

Oil prices have recovered slightly on geopolitical tensions, but the market is still oversupplied ahead of Opec’s ministerial meeting on 4 December. Atlantic basin benchmark North Sea Dated rose by $1.73/bl to $43.83/bl in the week to 26 November, while US marker WTI rose by $1.19/bl to end at $41.73/bl on 25 November before the US market closed for the Thanksgiving holiday. Oil prices rose amid an escalation of geopolitical tensions in the Middle East after Turkey shot down a Russian military plane. But price gains have been capped by plentiful global supply and mild weather in Europe and the US.