What’s Really Driving Oil Prices?

The recent attack on the Abqaiq oil refinery saw Brent prices jump 20 percent in a matter of minutes, the largest spike in oil prices since 1982. Ultimately, the sharp increase proved to be temporary as oil dropped 6 percent on the back of reassurances from Aramco’s CEO that supply would return. Prices then continued to slide as concerns over world economic growth and long-term oversupply kicked in. The pattern of geopolitical price spikes followed by a continued slide has repeated itself since then and we can expect that trend to continue…