Summary
- Oil prices extended their rally and climbed above $104, signaling increased volatility in energy markets.
- Rising tensions in the Middle East and supply uncertainty are putting upward pressure on WTI and WTI futures prices.
- Markets are watching higher oil prices as a risk factor that could affect global inflation expectations and the path of monetary policy.
Forecast Trend Report by Period
Oil prices extended their advance, with West Texas Intermediate crude rising above $104 a barrel. Energy-market volatility is picking up again as geopolitical risks intensify.
Digital-asset media outlet Odaily reported on May 4 that WTI climbed 1.81% intraday to trade above $104 a barrel. WTI futures also rose 1.04% to top $103, the report said.
Escalating tensions in the Middle East and uncertainty over supply are adding upward pressure to oil prices, market participants said. Concerns about disruptions to crude supply are also raising the prospect of greater short-term price volatility.
Higher oil prices could also influence global inflation expectations and the path of monetary policy. Markets are closely tracking geopolitical developments and energy-price moves as key risk factors.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
