Crude oil traded in a "sell the rumor, buy the fact" pattern yesterday. Immediately after the announcement of the Iranian nuclear deal was announced, oil prices declined about $1 per barrel for a short period only to enter into a recovery rally for the rest of the trading session. When the dust settled, the oil complex ended Tuesday’s trading session in positive territory.
Equity futures jumped after RIA Novosti reported that Russia seeks a de-escalation of the conflict in Ukraine. ... Futures had retreated earlier as President Barack Obama approved airstrikes in Iraq, and rocket attacks marked the end of a cease-fire between Israel and Hamas.
The overall fundamental picture has not changed this week with oil stocks in the U.S. at the highest level in more than 25 years. Simply put, oil is well supplied with supply still outstripping demand.
So much for Federal Reserve transparency, it is very clear after the release of the Fed minutes that the Federal Reserve either misled the market after the last Fed meeting or there is something more sinister going on.