Health Care Law and Oil Prices

[dan_s]

"Oil traders will watch the vote of the American health care act today and the fate of the bill may be an indicator of the ability of President Donald Trump to drive through his agenda on tax cuts and infrastructure spending. The so called Freedom Caucus was vowing to block the bill and we know that the stock market wants repeal and replace of Obama care and if left the way it is, will fall apart and bring the economy down with it. Republicans need 216 votes to pass the House. They can lose no more than 21. If they lose 22, there would likely be a 215 to 215 tie, which means the bill would fail. If it fails, then stocks drop and oil does to. If it passes get ready to rally." - Phil Flynn

Just another reminder that oil prices are determined by a lot of different things, including many that don't seem to have a direct relationship to supply/demand.