- Crude Oil markets remain pinned into near-term highs as geopolitical headlines weigh.
- Gaza ceasefire hopes remain, but tensions remain high.
- US Crude Oil production continues to rise, offsetting OPEC production caps.
West Texas Intermediate (WTI) US Crude Oil continued to test into $77.00 per barrel on Monday, with barrel bids pushing into recent highs as a potential ceasefire in the Gaza region remains elusive.
Geopolitical headlines have pushed US Crude Oil into five straight days of gains, sending WTI higher by around 6% last week. Energy markets are keeping prices on the high side heading into the new week, but it's getting difficult for barrel investors to keep attention off of record Crude Oil production in the US.
Israel rejected an immediate proposal for a ceasefire last week, keeping Crude Oil markets pinned into the high end, but negotiations are still ongoing as key nations try to keep a lid on potential spillover from geopolitical risks.
Saudi Arabia’s Energy Minister, Abdulaziz bin Salman Al Saud, noted on Monday that the Organization of the Petroleum Exporting Countries (OPEC) remains able and willing to adjust policy as needed. OPEC has faced an uphill climb in recent months as OPEC production caps get washed out by US Crude Oil production continuing to climb into record highs as the US further cements itself as the world’s largest Crude Oil producer.
US Crude Oil production reached a familiar peak in January despite cold weather snaps that shuttered some production facilities temporarily. US pumping output hit its highest levels since last November
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