There once was a time not too long ago that you did not want to be short Crude Oil into the weekend with escalating geopolitical tensions.. Last night, President Trump authorized a military strike on Iran but called it off after back-channeling through Oman and letting Iran know that Washington would rather talk.
Crude Oil futures has been awaiting a moment to ignore bloating U.S supplies, growing U.S production and slimming demand. Yesterday was that day. Crude roared higher along with risk assets in a central bank induced frenzy.
Prices last week in WTI Crude Oil Futures fell 2.7% and closed at $52.50 per barrel. Last week supply concerns pressured energy markets. Although, after a tanker explosion on June 13 prices and volatility were briefly higher.
Last Friday marked the first day of the Chinese Lunar New Year, also known as the Spring Festival, China’s most important holiday. The fire rooster struts off-stage, clearing the way for the loyal earth dog.