Could Geopolitics Gatecrash The Bearish Oil Market?

Geopolitical developments have moved oil prices in both directions in recent days. Yet, the movements up or down were short-lived and smaller than they would have been if the market were tight or balanced. But the feared oversupply is already here, manifested in the largest volume of oil in floating storage accumulated since the 2020 pandemic year, when the crash in demand led to a major stock surge both on land and on tankers at sea. The well-supplied market with Brent crude prices barely hanging on to the $60 per barrel handle has kept…