Oil prices set to remain highly volatile – Danske Bank

Daniel Brødsgaard, analyst at Danske Bank, points out that oil prices rose 2% (brent crude up USD 1.3 per bbl.) as OPEC and its allies are nearing on a date for its next meeting regarding oil production cuts (Vienna July 1-2).

Key Quotes

“This ends a one-month dispute regarding time and place for the upcoming meeting and finally some good news for oil, which has seen prices drop USD 10 per bbl. since late May. The oil price is set to remain highly volatile on the back of the current conflict in the Gulf of Oman and volatility indices have surged to the highest level in five months.”