Global Rebound Drives Crude Oil Higher

It was a bit of a roller coaster for oil prices Monday.

Let’s start by stipulating that a drone and missile attack on Saudi oil and military sites was the proximate cause of oil prices jumping higher Monday morning to above $70 a barrel for Brent crude and just a tad under $68 for West Texas Intermediate. Houthi rebels claimed responsibility. Later reports said there was no significant damage to Saudi facilities, and oil prices ended up falling back down.

But crude oil prices are still up significantly over the past several months. After crashing to negative dollars a barrel on the spot market in mid-April after the pandemic hit, WTI recovered, anemically, to hover around $35 until late fall. Then it started edging steadily higher and is now sitting around $65 a barrel. Read more…..