Demand worries overshadowed a drop in crude stocks after the Energy Information Administration (EIA) seemed to suggest refiners going into maintenance and a weakening demand for gasoline helped send the market higher.
Crude oil prices are out of the crisis zone, trading back above $40 a barrel and if it closes above there, it may show that the world may not be falling apart. A combination of the strongest rally on Wall Street since 2011 and a rally in China overnight, on some alleged government stock buying, is setting the stage for a possible bottom in oil.
Is OPEC going to wave the white flag in the war with the U.S. shale producers? OPEC, in a report obtained by Reuter's, says that spite OPEC best efforts to squash U.S. shale production they expect that crude supply from rival non-OPEC producers, led by the U.S., will grow until at least 2017.
The Federal Reserve in their FOMC minutes seemed to suggest that they were closer to a rate hike than some had thought. ...Yet with weak data in Europe and weak inflation data it seems that Europe won’t be in any position to raise rates.