Oil prices remain at an elevated level, with WTI at $57 and Brent at $65. We have ascribed much of the recent to short-covering and geopolitical tensions in the Arab peninsula. The Saudi Arabia-Iran proxy war is on full display in Yemen. The situation ostensibly brings a lot of oil world’s key resources in play, or , at least, causes worry about them. There was bomb threat phoned in somewhere that threatened Saudi production.
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