Just as we thought Oil was looking like a great opportunity, the Saudi's have caused an upset with Iran which may lead to some rebound in prices.
Until the holiday break it looked as if Oil prices were going to head on down to sub $30 per barrel. A level not seen for a long long time. Maybe it will still get there, OPEC doesn't seem to be slowing down output, and USA shale is being pumped hand over fist.
But the news from BBC this morning..
"Oil prices have jumped as worsening relations between Saudi Arabia and Iran raised concerns about possible supply disruptions.
Brent Crude prices rose more than 3% on Monday, before easing to $38.10 a barrel, still up about 2%.
The price of US Crude was up more than 2% to $37.81 a barrel."
Original Article
It remains to be seen how this will play out..
Until the holiday break it looked as if Oil prices were going to head on down to sub $30 per barrel. A level not seen for a long long time. Maybe it will still get there, OPEC doesn't seem to be slowing down output, and USA shale is being pumped hand over fist.
But the news from BBC this morning..
"Oil prices have jumped as worsening relations between Saudi Arabia and Iran raised concerns about possible supply disruptions.
Brent Crude prices rose more than 3% on Monday, before easing to $38.10 a barrel, still up about 2%.
The price of US Crude was up more than 2% to $37.81 a barrel."
Original Article
It remains to be seen how this will play out..