Trump: Ira has been very hostile – WTI pops to $63.39 Asian high

U.S. President Trump has been crossing the wires, stoking the flames of hostilities towards Iran, saying that the nation would be making a very big mistake if they did anything.

  • Would be met with ‘great force’.
  • Would have talks with Iran ‘when they’re ready.
  • We’ll see what happens with Iran.
  • Ira has been very hostile.

Indeed, the oil market has been in focus since the weekend and Asian opening bounce of 1% following members of the Organization of the Petroleum Exporting Countries, meeting with some nonmember allies signalling an extension to production cuts through the end of 2019. Such rhetoric over Iran is likely to keep the black gold under the spotlight and we have seen a pop in WTI  to $63.39bbls so far in Asia today. 

However, it’s worth noting that Hedge funds have continued to liquidate some of their bullish position in oil according to the latest COT report while concerns about the economy and the outlook for consumption ‘rumps’ the ME risks…in the opinion to managed funds that is; For speculators are staying with the bid.

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