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The stars aligned for oil yesterday as many factors worked in the black liquid’s favour: 1) In their monthly report, the IEA projected a significant increase in global oil demand as we move into the latter half of this year. 2) 3rd week in a row of crude inventory drawdowns with a particularly large drawdown yesterday, significantly above expectations 3) Weakness in the dollar 4) A bit more of a hawkish tone from Iran which could ruffle some feathers and keep sanctions in place. 5) Another drone attack on Saudi Oil Facilities for the 2nd time in a week, raising the geopolitical risk premium.
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