Crude oil prices are proving to be resilient after wiping out a 2% loss to close over 2% higher. Not even a reported 4.7 million increase in crude supply and reports that President Obama has the votes to overcome a veto on his deal to lift sanction on Iran was not enough to keep this market down.
Iran is planning to hold an "energy summit" from Dec. 14-16, to unveil new energy contracts and highlight just how quickly they can bring their oil back into the market. Let's hope the U.S. producers can hold a summit.
Crude oil markets got a pop as they tried to look beyond this Greek debt debacle to the expectations that U.S. oil output will continue to fall and tropical Storm Bill in the Yucatan Peninsula may slow operations in refineries and oil platforms in the Gulf of Mexico.
Crude oil prices moved higher after the EU upped its growth forecast the day after the Saudi Foreign Minister Abdel Jubeir said the Saudi led coalition would consider ending airstrikes in Yemen for humanitarian reasons.
Crude oil prices went on a wild ride after reports that the Iranians seized a cargo ship, and after a major Saudi shake-up that came after the close. If that wasn't enough for oil traders today, we get a double dose of excitement as the EIA releases its supply report
Syria remains in the forefront as the main risk asset market catalyst. They are reacting as normal when these types of events are imminent. The U.S. dollar is stronger vs. most currencies and oil prices are higher and holding onto to their gains.