Oil price volatility is on the rise again. Turmoil in Gaza, combined with output cuts by OPEC and the Russia and Ukraine added dispute is also driving oil prices up. Economic data, at the same time, continues to deteriorate and drive prices down. This all adds to volatility. Today, oil fell 8% since to US$46.58/bbl.
Crude inventories are at an eight-month high. Looks like the upside is limited.
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