Yesterday’s trading session was noticeable for its absence of any key Economic releases where a further lift in oil prices seems to have had the largest identifiable role in bond and equity markets. The US Dollar has regained a measure of support, though it has been at the margin rather than specific US factors. Even the Euro struggled for support despite what should have been Euro yields supportive comments from an ECB Governing Council member, even if not Draghi. With the US embassy slated to open in Jerusalem today, it has been unrest on Gaza border strip that has seen dozens of Palestinian deaths as tens of thousands converged to protest, a stark contrast to the celebratory scenes at the embassy’s opening. This unrest news saw further support for the oil price, coming on top of the renewed US sanctions on Iran. Brent is up over 1% on the day to over $78 with the price of Brent (and the Brent-WTI premium front end contract premium) rising to the highest levels seen since 2014 when oil prices were on the way down from over $100/bbl.
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