Last week turned out to be a rather shabby performance from oil prices which after attempting to resurrect something of a fight back after OPEC deemed the market a little too fragile to accept an oversized acceleration of oil supply, the latter part of the week once again saw geopolitics have its wicked way with proceedings leading to WTI and Brent being sent to lows not seen since the 8th of May.
Risk was off yesterday. Equities and oil both retreated, although the trigger points differed. A large part of the US government remains dysfunctional, official data are not forthcoming, and investors have consequently shifted their attention to private surveys. The official CPI report, which was due on Wednesday, was not published. The next best thing, the consumer price index estimate for durable and personal goods from the analytics firm OpenBrand ...
There probably is not a one among us, apart from the lunatic fringes, who do not wish for the latest ceasefire deal being brokered in the Middle East to bear fruit and the slaughter to stop. Yet, there is always the nagging doubt, bearing in mind the recent attempts toward peace and the millennia of ingrained prejudice, hurt and ultimate intransigence.
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