Oil Jumped as Middle East Tensions Escalated and Fire on Refinery Raised Concerns over Supply

Oil prices steadied after the sharp rally yesterday. Escalation of Middle East tensions and a fire in a Texas refinery sent concerns over supply disruption. The ECB meeting was a non-event with President Draghi stating that there was no discussion about the cutting the policy rates at the meeting and activation of the OMT rests on governments’ determination.

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Oil Jumped as Middle East Tensions Escalated and Fire on Refinery Raised Concerns over Supply