Crude oil is rocking again as the ultra-bearish arguments are falling to the wayside. Better than expected data out of Europe, a crude draw reported by the American Petroleum Institute and Saudi oil selling prices are reflecting better-than-expected demand and lower U.S production.
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.
U.S. stocks were little changed, after the first drop in five days for the Standard & Poor’s 500 Index, as investors assessed corporate earnings and speculated on when the Federal Reserve will cut stimulus.
Billionaire hedge fund manager John Paulson, who told investors as recently as last month that they should own gold, cut his holdings in the metal by more than half as prices plunged into a bear market.