There's only good news in the oil market
Citing an NOC source, Reuters reports that Libyan oil production is now at 1.28mbpd. That has continued to edge higher after the rapid rise in Oct/Nov.
The oil market has been taking its cues from the three monkeys lately: see no evil, hear no evil, and speak no evil.
The amount of bad news the market has swallowed while rallying ever-higher is mighty impressive -- something I highlighted last week before the latest leg higher.
Today the positive tone continues to percolate with WTI up 80-cents to a session high at $47.37.
