President Donald J. Trump’s threats to meet North Korea’s hostile acts or comments with “fire, fury and, frankly, power” shook global markets but crude opened higher — only to sell off on what were perceived to be bullish stats.
Andrew Fletcher, senior vice president commodity derivatives at KeyBank National Association said the president’s comments add an “undertone” to the market but that if oil traders were “really worried about confrontation we would be much higher than this.”
“I think the market right now is concentrating on [oil] fundamentals, which are bullish,” Fletcher told Hart Energy via email.
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Source: Daily Dose of ShaleDirectories.com News