Brent crude is rising this morning up from an earlier dip to $101.75. That is not the case for WTI crude which has been in freefall since this morning's CPI data print. Brent-WTI has soared from below $5 to over $6.50 in the last few hours as WTI drops to a $95 handle at its lowest since mid-January.
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Obviously positioning in crude was very speculatively long but one wonders at the price action when it would appear to be the only 'weapon' Obama has left to fight Putin.
