Oil Prices: Few Tailwinds Until Driving Season Begins

Crude oil prices are likely to remain sensitive to bearish news such as progress on the Iran nuclear deal with the United States and the latest on Covid-19 in Asia until at least the start of summer driving season in the United States and the opening up of Europe. Prices are "in a holding pattern until we get to June, because that's when Europe's going to start to reopen and the U.S. driving season will have officially kicked off," Bloomberg quoted the CEO of Infrastructure Capital Management, Jay Hatfield, as saying earlier this week. On…