Analysts at Danske Bank suggest that oil prices are being weighed down by the souring risk sentiment, which blurs the picture of what is priced into oil markets in terms of an OPEC+ production cut.
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“Meanwhile, added political pressure from US Donald Trump has clearly curbed gains. Yesterday, he tweeted: ‘Hopefully, OPEC will be keeping oil flows as is, not restricted. The world does not want to see, or need, higher oil prices ‘. The added pressure should be seen in light of worsening US-Saudi diplomatic relations following the killing of journalist Khashoggi in October.”
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