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 A modern gold rush is on, as people cash in on record-high prices READ MORE S&P 500 heads for worst month since 2022 as bond yields jump on inflation fears READ MORE CNBC’s February Inflation Breakdown READ MORE Powell’s Soft-Landing Dream In Danger as Traders Hedge Inflation READ MORE Add a Comment Cancel replyYour email address will not be published.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