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Brent oil rocketed 6% Friday night to $41.85 and Henry Hub fell to $1.99mmBtu:
News was mixed to negative with Iran cutting price furiously to win back market share, from Gulf News:
Singapore: Iran ratcheted up its offence in the oil market after breaking a pricing tradition, signalling it’s seeking to win market share at a time when rival producers are trying to forge a deal on freezing output.
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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.
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