Oil Prices

[dan_s]

The crude oil complex traded sharply higher during the morning session, lifted by hopes of more Central Bank monetary easing, as well as a Chevron refinery closure in California. The favorable macroeconomic tone was highlighted by significant gains in global equity markets and weakness in the US dollar to a new four week low. Energy markets were also supported on reports of a rather large reduction in North Sea output next month due to maintenance. The product markets were also higher, both breaking out into new high ground for their respective moves. Some traders also pointed to growing geopolitical risk coming from tensions in Syria.