The WTI has gained a few dollars this week and trying to establish a new range amid the turbulent market forecasts.
News from Lebanon where several pagers belonging to Hezbollah members blew up in what seems to be a coordinated attack against the terror organization helped push the WTI above the $70 mark towards $72 per barrel. Hezbollah, the Iranian proxy blames the Israelis after the deadly attack and has vowed to punish Israel putting more escalating pressure in the tense region. Israel has neither denied nor taken responsibility for the sophisticated attack. US has urged Iran not to heighten the tension any further.
Federal Reserve cut interest rates by 50 points Wednesday, first of what is expected to be a steady easing of monetary policy. Cheaper borrowing costs and weaker dollar has historically helped support oil price.
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