Oil prices broke out to the upside, yesterday, confounding those who see record inventories of crude oil and the current rally as incongruent. The Middle East is part of the reason for the rally. Earlier in the week, Saudi Arabia had said it was suspending its bombing campaign in Yemen. Through yesterday, there was no such inaction. What is more problematic is the realization that the bombing is having mixed, if not precious little, results. One bearish element surrounding the situation was ignored, as well: the flotilla of Iranian ships bound for Yemen with a weapons cache reportedly turned around, cancelling the delivery.
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