Fundamental OverviewCrude oil has been on a seesaw this week as we got a rally on Monday on the news that Libya was going to close down all oil fields and halt production and exports. That spike eventually got faded and prices even fell below the level seen before the news. Yesterday, we got the news that Iraq was going to cut production which triggered another rally in oil. These supply side factors are driving the price action at the moment. In the bigger picture, the market has been mostly rangebound for two years as central banks tightening weighed on growth. Right now, it seems like the Fed is going to cut rates into a resilient economy which could spur economic activity. If they really
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