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The Commodities Feed: Sanction risks linger
Oil prices traded weaker yesterday with ICE Brent falling back below US$82/bbl. From a technicals point of view, the market is in overbought territory and so overdue a correction. However, mounting supply risks continue to provide broad support to oil prices. There are reports that the incoming Trump administration is looking at how to approach the recent sanctions placed against Russia and how they could be used as a tool to try to push Russia and Ukraine towards a peace deal. There are also suggestions that the incoming administration will take an aggressive approach towards Iran and Venezuela. The market should ... (full story)