Quotes from the news wire:
If ConocoPhillips is successful, then it will limit the revenues PDVSA will have and give them even more problems paying their bills and producing their oil, venezuela seemed to get support over the last year from Russia and China. So now there's the question of what kind of deal will they have to make in order to get even more support?
The Saudi escalation of its Yemen campaign is producing exactly the kind of geopolitical tensions oil is known to rally for, you also have the assumption that U.S. production will continue to decline from cutbacks in oil rigs count and exploration expenditure, though I'm not too much of a believer in such improving fundamentals.
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