Geopolitical Risk Supports Gains in Oil Futures

Group 1 - Oil futures are experiencing an upward trend, with WTI increasing for four consecutive sessions and Brent rising for three out of the last four sessions [1] - Geopolitical risks, particularly due to Ukrainian strikes on Russian refineries, are influencing market dynamics and countering oversupply concerns [1] - There are indications that OPEC may be nearing its production limits amid ongoing supply risks related to the prolonged Russia-Ukraine conflict [2] Group 2 - Current discussions about an oil glut are not reflected in the actual supply numbers, suggesting a tighter market than anticipated [2] - The ongoing geopolitical tensions are contributing to a risk premium in oil prices, which may affect future supply and demand dynamics [1][2]