A group of leaders from neighbouring countries say South Sudan’s government has committed to an immediate ceasefire. Separately, a spokesman from South Sudan’s army told Reuters the rebels have been defeated in Malakal, the capital of the major oil producing Upper Nile state.
The strife in Sudan has been a positive catalyst this week and a ceasefire could weigh on prices.
Bears also have resistance at $100 as a reason to sell. WTI last at $99.71/barrel.
Update: So much for that.. oil hits $100.