RE:RE:Bloomberg's report on Iran's plan to attack Israel: lots of pessimism on oil lately, by design or not i don't know but democrat are desperate for vote and keeping oil price low to election time is good politic. Just look at the evidence.
-when saudi and russia announced production cut in August, oil continued its downtrend
-when libyan oil went off line by 350,000 b/day, market ignored the news
-when china announce a huge stimulus package on August 5, and again on Sept 24, oil continued going down
- ukraine vs NATO get more tense, nukes been rumored, no war premium on oil
- israel bombed lebanon, killed seven high-ranking Hezbollah commanders, oil stayed low
- oil is not in a oversupplied situtation, yet market ignored all oil positive related news
Fear of recession seem overwhelmed the fear of supply risk of above dominated. It's mindset over reality.
Fomo15 wrote: Lots of short positions unwinding.....risky business pplaying that game with the current geopolitical landscape. Lots of money being lost within hours today!