There is a temptation to attribute the recent rise in oil prices to just the uncertainty of the political purge that we have seen in Saudi Arabia, but if you think that you are missing the larger point.
It seems the move by Saudi Arabia’s Crown Prince Mohammed bin Salman to arrest members of the royal family and their business associates in a corruption crackdown is proving to be wildly popular among the Saudis young population.
The House rolled out its tax reform bill and not only did it put in a big tax cut for all corporations it also gave oil producers an edge by removing incentives for electric vehicles and solar companies.
Do they see what I see? OPEC’s Secretary General Mohammad Barkindo is telling us that the global oil market is rebalancing fast as the glut of refined products is gone as he and OPEC take a victory lap ahead of their November OPEC meeting.