Oil's Surge: Algorithmic Buying Meets Geopolitical Tensions West Texas Intermediate crude experienced a 1.5% rise in a particularly volatile trading session, primarily driven by a surge in algorithmic buying. According to Dan Ghali, a commodity strategist at TD Securities, while this aggressive algorithmic activity has propped up futures, sustaining these higher prices will require more fundamental market drivers. The recent drone attack on U.S. soldiers has escalated tensions in the Middle East, yet, so far, it has had a limited effect on oil supplies. The industry is closely watching the U.S. military’s potential response, as noted by Daniel Hynes, a senior commodity strategist at ANZ Group Holdings Ltd., with expectations that it could further influence the market. Adding to the complexity, futures had initially fallen due to concerns over long-term demand, highlighted by Saudi Aramco’s decision to abandon plans to increase its crude output capacity, signaling uncertainties about future oil consumption. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Hot US jobs report tempers Fed rate cut outlook READ MORE Asda Report Highlights Significant Rise in British Families' Disposable Incomes READ MORE U.S. Labor Market Surges with 353,000 New Jobs in January, Crushing Expectations READ MORE Opinion: Cutting interest rates is misguided – the easy money would only fuel inflation READ MORE Biden Has Forgiven $136 Billion in Student Debt – More Could Be on the Way READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment