Oil prices staged a strong rebound yesterday amid better-than-expected economic data from China, the US and Germany. Also sending prices higher were escalated tensions in Iran. The front-month contract for WTI crude oil soared to 101.01 before settling at 100.71, up +2.04%, while the equivalent Brent crude contract initially climbed to a 3-day high of 112.78 before ending the day at 111.53, up +0.17%. The BOC left the overnight rate unchanged at 1% but forecasting global economy would grow at a more modest pace

Oil Rebounds on Strong Eco Data, Intensified Tensions over Iran

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The already weak economy of Iran faces additional pressure after the European Union banned all oil imports from Iran effective July 1.   The EU actions support a U.S. directed effort to embargo Iranian oil and sanction the Iranian banking system, effectively freezing Iran out of the international financial system. The moves by the United State [...]
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