The Brent oil price jumped more than 2% last night to $67.16 as I write. There was no apparent reason for it beyond a weak US dollar. OPEC was bearish, from Bloomie:
Saudi Arabia boosted crude production for a second month to the highest level in at least three decades, helping to raise OPEC output as U.S. growth showed signs of slowing.
The Middle Eastern country increased daily crude output by 13,700 barrels in April to an average of 10.308 million, according to data the country communicated to the Organization of Petroleum Exporting Countries’ secretariat in Vienna.
