Oil Craters: Geopolitical Jitters Ease

Oil at massive levels (again)

Oil is down big overnight. DB on the weekend Israel attacks: "The targeted scope of the attack and the absence of an immediate retaliation signal have seen markets price out some of the geopolitical risk premium". Oil is trading at the massive $72 area again. We have dipped below on a few occasions, but these are make or break levels to watch.