Talk of middle east ceasefire causes a 3.52% drop in oilReally now just urging from countries to cease, which is typically said all the time...is good for a 3.52% decline! Yet when the escalation started it had little to no affect on prices and there is little to no war premium to oil. There is a deliberate attempt to lower oil prices which conveniently ignores bullish news, but magnifies news that is probably not going to happen as both Hezbollah won't stop nor will Israel. In fact Israel is has been talking about a ground invasion.
The issue is oil company stocks are getting hammered, and dividends are at risk, potentially pressuring stock prices lower. The irrational bias needs to balance out as the shorts are potentially damaging the operations of oil companies and investors.