Oil Prices Caught between Geopolitics and Economic Worry

Crude oil prices have been trading in a tight range since the start of the New Year as geopolitical tensions in the Middle East counter now chronic economic concern. Still, benchmarks booked a decline in the first trading day of the new year as worry about the U.S. economy specifically temporarily outweighed fears of another escalation in the Red Sea. "Energy markets were unable to escape the broader pressure seen on risk assets with equity markets also weaker. The weakness in oil comes despite a ratcheting up in tensions in the Middle East," ING’s…