Crude oil prices are on the rise as traders are starting to see signs of production destruction. What is production destruction? It is the opposite of demand destruction. When prices go too high we see demand destruction or demand fall. When prices go too low, we see cut backs in spending and investment that will call production to fall. We are now seeing the early stages of production destruction of a mammoth scale that will be felt for years to come.
Russia said it launched air strikes against Islamic State in Syria on Wednesday after President Vladimir Putin secured his parliament's unanimous backing to intervene to prop up the Kremlin's closest Middle East ally.
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.