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Brent oil managed a 1% rebound last night to $50.23 as I write as good news vied with bad but a big fall in the US dollar proved decisive. The good news came in the form of US production which fell away 0.7% in the weekly report:
Inventories fell as well:
Also good was the EIA update to refinery runs which are booming as US consumers embrace driverama, from John Kemp:
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About the author
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.