17 January 2025: 16:30 GMT
Flat price slipped on the headline that Israel’s cabinet had voted in favour of accepting the ceasefire. But it didn’t budge too far. Any longs hoping geopolitical risk premia would bump up prices would have needed plenty of patience, so we doubt there were many left. Overall, the market seems to be holding its breath, waiting to see what Mr T has in store for his inauguration day. We can’t blame it, as he’s got a history as something of a loose cannon when it comes to oil prices. Legions of analysts and consultants are likely to be watching his social media feeds like hawks, attentive to any publications.
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