Yesterday turned into something of a non-event for oil prices as commodities and the wider suite hunker down in the face of data and politics at the week's end. What added to the mix of reasons to be careful were the rather insipid data from the US EIA Inventory Report.
No markets are inoculated from (not-so-) sharp and (not-so-) sudden trend reversals that ultimately turn out to be healthy corrections. Yesterday’s weakness bears all the hallmark of one as the underlying driving forces have not gone away.
The current bullish winds of sentiment that are driving oil prices nicely along seem set to continue as the world yet again experiences notional 'what ifs' as conflict arenas deliver not only continued weaponry exchange but also antagonistic rhetoric.
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