MENA Tensions Remain Influential on Oil Fundamentals

Investors remained thrilled as the ECB coordinated with other central banks to provide extra funding to the Eurozone's banking system. Equities rallied in both Asian and European session as investors sought higher yield assets. In the commodity sectors, bullishness in oil eased with the front-month contract for WTI crude oil (October delivery) hovering yesterday's close of 89.4 while the Brent crude contract for November delivery pared early gains to as high as 113.8 and slipped to 112.5/113.

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MENA Tensions Remain Influential on Oil Fundamentals