Crude oil prices are strongly higher on Tuesday after a modest rally on Monday. The market rallied above the breakout level from the sideways choppy trading pattern that has been in play for several weeks.
The market has that easy money feeling again, a phenomenon that was thought to be fading into the rear view mirror on the heels of the U.S. economy. The inaction of the fed last month coupled with the soft jobs data from Friday have market participants acting as if zero interest rates are here for good.
We are seeing wild price swings in crude oil due to Hurricane Joaquin. While oil has plenty of reasons to rally other than the storm, like declining oil output and increased geopolitical risk, the track of the storm seemed to encourage a selloff.
A bill to lift the 40-year-old ban on U.S. oil exports passed the Senate Banking Committee on Thursday, but the future of the measure is uncertain in the full chamber, after a controversial amendment was added to it.
Iran is inviting foreign investors to actively develop its energy industry after sanctions are expected to ease in 2016, under a nuclear deal between Iran and six global powers, deputy Oil Minister Rokneddin Javadi told Reuters on Thursday.