Oil Volatility to Continue Amid OPEC/IEA Disagreement

Commodities rebounded Tuesday after several days of selloffs. The front-month contract for WTI crude oil rose above 92, the highest in 2 days, while the equivalent Brent crude contract soared above 108. Disagreement between the IEA and the OPEC on oil fundamentals signals oil price movements will remain highly volatile in the near-term. The WTI- Brent crude spread has shown signs of widening again because much (50%) of IEA's emergency stock release comes from Gulf Coast in the US.

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Oil Volatility to Continue Amid OPEC/IEA Disagreement