Crude oil prices backed off after it appeared that President Trump backed off from war. As the blame for the weekend attacks is being pointed towards Iran.
After hours of wild speculation about how fast Saudi Arabian oil infrastructure could come back, a definitive statement by the Saudi oil minister seemed to end the debate. Or did it?
Crude oil prices are trying to stabilize after the record-breaking session yesterday as traders are coming to grips on an attack of Saudi oil fields and processing plants.
The weekend attack on the Saudi Arabian oil facilities over the weekend is historic and changes the complexion of risk going forward. Oil prices hit the 7% circuit break on the night session paused and went higher as the market tries to adjust to the biggest supply outage in history. 
What is the best way for the global oil market to handle the potential return of Iranian oil supply? The best way would be to cut a deal with China.
Oil prices reversed course even after a very bullish oil inventory number as the market is now adjusting to the potential return of Iran to the global oil market.
Oil prices bolted downward after a report that National Security Adviser John Bolton was fired or quit. The move came quickly as traders assumed that the departure of the Iran hawk Bolton would open the door to negotiations with the President of Iran.
Here are the commodity trading companies driving trading prices and production. Futures Magazine publishes the ultimate list of top global commodity trading companies.
Oil is on the verge of an upside breakout as the oil trade is expecting that, at the very least, OPEC plus Russia will continue with production cuts at its Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) meeting on Thursday.
Oil traders get ready for the meeting of the Joint Ministerial Monitoring Committee this week. The odds are that Prince Abdulaziz bin Salman will be working on Russia and other OPEC members to secure a big production cut to put a floor under oil once and for all.