Oil climbs $2 with eyes on the Red sea ...Middle East

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Oil climbs $2 with eyes on the Red sea
The situation in the Red Sea appears to be growing untenable for global shipping companies. That may result in the US military intervening to keep the critical shipping rout open.Curiously, there are also reports of a near-term peace between Houthis and Saudi Arabia.For now, BP has paused all tanker transits through the Red Sea and oil is up $2.44 to $73.87.On Friday, we learned that oil net shorts are at extreme levels and that makes me think there's the opportunity for a bigger bounce here.h/t @rory_johnston This article was written by Adam Button at www.forexlive.com.

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