Viewing the world via a cynical eye is never really constructive, but such is the manner in which our current geopolitical drivers exasperate us, that who can blame folk for consuming news with seasoned resignment.
There is something other worldly about the current sentiment in the oil space. Diverging interest rate outlooks from either side of the pond, a continued deflationary scenario in China that is in itself ignored in front of Tuesdays barrage of trade data, a roaring US Dollar, an all-time high Gold price and inflation that must keep Jerome Powell awake at night, are simply ignored.
Such is the concern of conflict spread from Gaza/Israel that oil prices were not only able to ignore some quite negative news flows but rallied in the face of them. Even the most ardent Israel supporter must question the voracity of its ceasefire intentions after what must have been a targeted airstrike aimed at a Hamas leader that killed members of the family.
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