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The Brent oil price was firm last night at $50.94mmBtu:
There was no reason for the bounce beyond fading worries about Brexit. Indeed, news flow was distinctly bearish from Nigeria, via Reuters:
Government officials told Reuters a one-month ceasefire had been agreed last week after talks between the oil minister, community groups and state governors in the Niger Delta, the source of most of Nigeria’s crude oil.
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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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