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 Striking Gold: Could Miner's Returns Outpace Gold Bullion? READ MORE Fed Minutes: Patience Prevails as Officials Await Clearer Inflation Trend READ MORE Thirty-Six Minutes of Chaos: Analyzing the Flash Crash READ MORE Election-Year Politics Add Volatility to Already Strained Bond Markets READ MORE US Treasury Yields Stabilize as Middle East Tensions Ease READ MORE Add a Comment Cancel replyYour email address will not be published.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