News of a defensive buildup on the southern shores of the Gulf are coming in, together with Obama stating that they can't really stop Iran from making nukes if they really really wanted to.
Not surprisingly oil has been slowly drifting up, though the unexpected inventory buildup in the USA is putting a dampener on that.
The haruspices closed their spread trade, and are wondering on the next stage for petroleum.
Overall, we suspect the current round of news is not enough to keep oil on the boil. The weakness in the global economy and the news from China are negatives.
But some much more dramatic news could hit the tape any time. So with december oil futures at 80~, it is not enough to take a position (apart from the usual lottery tickets - long calls at very high strike prices).
Let's wait a bit more.
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