There was plenty of good feeling last week when OPEC boosted its oil output (by a drop in the bucket). US President Biden was reported as headling to Saudi Arabia to meet with the Crown Prince.
Later in the US though we had this:
- resident Joe Biden’s planned visits to Saudi Arabia and Israel later this month have been postponed until July, several officials told NBC News on Friday.
- The White House is now planning a broader trip to the Middle East next month, sources said.
Oil has been headling higher, it keeps finding reasons to do so (and the trend is your friend, right?). Earlier hourly hcart: