Oil’s Rangebound Trading Pushes Volatility Measure to 2019 Lows
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 19 2024
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Source: Bloomberg
- Oil Trading: Despite events in the Middle East, oil trading has been quiet with low volatility as traders await direction from OPEC's upcoming production meeting in June.
- Market Performance: Prices have remained rangebound, with Brent and WTI hovering around $84 and $80 a barrel respectively, showing minimal gains or losses.
- Middle East Developments: Concerns arise over events like Iran's President and Foreign Minister being involved in a helicopter crash, and the health of Saudi Arabia's King Salman.
- Impact on Crude Futures: Analysts believe recent events in the Middle East are unlikely to significantly affect crude futures markets, as oil policies and exports are expected to remain stable.
- Upcoming OPEC+ Meeting: Market attention is focused on the upcoming OPEC+ meeting on June 1, where discussions on extending existing supply cuts are anticipated.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
