Credit: Shutterstock photoOil prices are back to being mostly driven by the markets' view of the global economy, oil fundamentals and secondarily by the geopolitics in the Middle East. Yesterday's macroeconomic data out of the US was disappointing resulting in a round of selling first hitting the financial markets followed by pushing oil prices well off of the highs hit early in the session. The underperformance of the US manufacturing sector offset the positive sentiment that developed overnight after China's better than expected PMI data. In addition the 30 second news snippets were flying over the US fiscal cliff with the Republicans putting their offer on the table and sending the ball back to the Presidents courts.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
