Oil prices started to give in to expectations of slowing demand, but it was the dollar to the rescue. Oh sure some traders are worried about Tropical Storm Dorian and its track, but it will be Hurricane Ben Bernanke that may be the major factor.
Australia's massive mineral exports allowed it to weather the global recession, which began in 2008, quite nicely. Recent reports show it may be sitting on untapped oil reserves 80 times larger than the Eagle Ford U.S. shale deposits.
A better than expected Jobs report and Israel attacking Syria's military and weapons instillation has shocked oil out of it recent bearishness. Oil is on a tear and is bringing the products along with it.
Oil prices fluctuated yesterday on lots of news and lots of supply. An earthquake in Iran gave oil a pop, but after the close the American Petroleum Institute reported a whopping 5.1 million build in crude oil supply.