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Oil Action: Front-month WTI futures stormed to new major trend highs

Oil Action: Front-month WTI futures stormed to new major trend highs above $72.0. The benchmark is presently showing a 0.9% gain on the day, at $72.11, earlier posting a post-November 2014 peak at $72.30. The Brent benchmark has neared $80.0. News that France's Total might abandon a major gas project in Iran, although breaking yesterday, has continued to resonate in market narratives, which now seem more concerned about the pending Iranian supply drop when U.S. sanctions come into effect. Crude markets are continuing to adjust to a new era of Mideast geopolitical tension and risk of escalation. There are many counter narratives, with one of note focusing on the potential for demand destruction (when oil prices reach levels that drive end users to reduce consumption and/or increase efficiency) after the IEA yesterday trimmed its projection for global oil demand growth.


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