Brent oil fell last night by more than 2% to roughly $63 as Saudi Arabia stopped bombing Yemen, claiming to have neutralised rebel heavy weapons. Iran was also bullish on restoring its production flow mid this year once sanctions are lifted. There are also moves afoot to free up more US oil exports, which would close the WTI/Brent spread.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.