Crude Oil – Talking Points
- Crude Oil Futures are dropping in the morning trading session as fallout from Bolton’s exit from the White House reveal fundamental disagreements between the President and the now former National Security Advisor John Bolton
- Crude Oil Futures are pushing near the $56 dollars per barrel mark as the news hits markets
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Reports are crossing the wire this morning showing that now former National Security Advisor Bolton had fundamental disagreements with President Trump over the handling of Iran, particularly, President Trump’s willingness to consider easing sanctions to spur a potential meeting between himself and Iranian President Hassan Rouhani. Crude Oil Futures dropped from $57.23 a barrel to $56.18 at the time of writing. WTI Crude is up 23.96% on the year but volatility remains heightened as tensions between the US and Iran persist.
Crude Oil Futures (5-Min)
People familiar with the matter report that Bolton, a well-known Iran hawk was strongly opposed to that approach on Iran and voiced his displeasure to President Trump. Although, it is unknown if Iran would agree to such a meeting, the United States has been preparing for the meeting to potentially take place at the United Nations General Assembly later this month. Bolton’s departure from the White House could be seen as improving the odds of such a meeting taking place which traders have evidently viewed as a potential tailwind for crude oil supply – thus dinging the commodity’s price.
–Written by Thomas Westwater, Intern Analyst for DailyFX.com
Contact and follow Thomas on Twitter @FxWestwater