What's Hot: Supply risks point to higher oil prices

Oil prices were whipsawed this week with swings of more than 6%1 after a report from the Wall Street Journal suggested that Organisation of the Petroleum Exporting Countries (OPEC+) is looking to possibly increase output by 500,000 barrels per day (bpd). The rumour could have easily been justified by President Biden’s decision to offer sovereign immunity to the Saudi Crown Price Mohammed bin Salman in a civil lawsuit, as geopolitics could influence decisions.