Markets are up and US bond yields are down because oil prices have fallen sharply this session. But is that the real news? Or is the real news that even after the sharp fall in oil prices crude oil will spend its tenth day in a row with prices above $130/bbl?
The Saudis have announced a small increase in output. There is an upcoming oil producer/consumer meeting. and in the face of that oil prices are still holding above $130/bbl. The hurricane season still awaits us. Nigeria is still unstable. China's hike in consumer prices for fuel seemed to dominate headlines in a world where so much is still unchanged.
Is the oil price falling the big news or is it the fact that prices still held so high?
What is the day's BIG Story?