Crude Oil investors navigate narrow range with long opportunities arising amidst red sea tensions
Oil price is confined in the range of 5800-6200 but there is volatility also in the narrow range. Price is reacting at every geopolitical event in the Middle East especially in the Red Sea. We have seen crude declining on back of higher than expected US inventory and decline in demand but on the opposing force, Houthis attack on ships in Red Sea have given the tailwinds it needs to keep price afloat.
Recent attacks on Yemen by US and UK forces will also increase the conflict as Houthis will also retaliate to the attack. These events will give any correction in crude price an opportunity to take long positions.
