Energy OverView August 1, 2012

Prices for risk assets, including crude oil have been moving counter-intuitively for the past few sessions. Disappointing data, instead of weighing on prices were taken positively because they were interpreted as a harbinger of central bank action. But despite Mr. Draghi’s enthusiastic comments at the end of last week, and Chairman Bernanke’s implicit commitment to stimulative action, mid-session yesterday there seemed to be a sentiment shift.