NEW YORK, Nov. 24 (UPI) -- Geopolitical concerns trumped economic fundamentals in Tuesday trading in New York as major crude oil indices rallied 2 percent from the previous close.
Crude oil prices were volatile for Monday after Saudi Arabia hinted it was ready to cooperate with other producers wary of a depressed oil economy. Wealthy producers like Saudi Arabia have kept output steady even as supplies build, putting downward pressure on crude oil prices. That's strained the economies of weaker producers like Venezuela and comes at a time when more oil could flood the market from a post-sanctions Iran.