Multiple news services are reporting on the growing conflict between Saudi Arabia and Yemen and this is sending oil prices higher. Not entirely sure why this news is spiking oil prices other than this basic fact - oil has been down so often and for so long, a snap back rally was due - so literally any news as excuse to turn the story around is good enough. Because honestly, can any analysts say that this Saudi incursion of Yemen will materially change the availability of crude oil? No, it won't.
However, this could mark a short term bottom for oil. 38 is the line now. With oil trading at 45 - the bottom will hold in the short term.
However, this could mark a short term bottom for oil. 38 is the line now. With oil trading at 45 - the bottom will hold in the short term.