WTI now climbs back above $15
Oil is a pretty dangerous game right now and while the fundamentals that drove the madness in the May contract are still in place, there are other factors to consider right now such as the mess that is taking place with USO.
I've made mention that what happened with the May contract is likely to be a historic event, since we were dealing with expiry/rollover and that wild contango among other things.
But it doesn't mean that oil will be poised for a major rally towards $30 or anything of that kind as the same old issues are still persisting - at least for now.
In the broader scheme of things, the less disastrous conditions in the oil market will at least feed some reprieve to other asset classes like what we saw yesterday.
Though risk trades are less enthused this time around with US futures still down by 0.3%.
