Oil remained above $145/barrel in Asia and analysts are calling the current market “fundamentally tight.” Today’s supply threats:
- A five-day strike by Brazilian oil workers cut the production of Petrobras by about 4% (Petrobras is the world’s 6th largest oil company)
- Continued tension with Iran
- More uncertainty and unrest in Nigeria
A nice drop in oil could go a long way in distracting traders from the many other ills affecting the US and global economies. We’re still waiting…
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