Oil prices bounced from three-week lows in choppy trade on Tuesday as investors awaited a Greek debt default, shying away from riskier assets and putting benchmark North Sea Brent crude on course for a second month of losses.
Oil rises as Ramadi falls as this markets price action continues to defy the calls for an oil price crash. ISIS forced Iraqi security forces to flee the largest province in Iraq despite help from U.S. air support.
For the most part, the price discovery in energies was muted by mixed data. The soft Euro Zone and Chinese data was joined by worse than expected U.S. retail sales, putting a negative spin on demand side pressure. This affect was offset in the energies by unexpected draws in the EIA report in WTI, gasoline and distillates.