Oil prices have spiked more than 13 percent in the past ten days , with WTI touching $75 at one point, the highest since the 2014 price crash. The factors that have contributed are quite vivid. Trump’s request that Saudi Arabia increases its production by 2 million bpd and the ensuing fear regarding the spare capacity. Some issues at Libyan ports added to market fear as well, with production continuing to fall. Canada also played a role with the Syncrude facility closing down, taking down 250,000 bpd offline. Arguably the most influential factor is the increasingly hardline stance that the U.S. is taking in regard to Iranian oil exports. In this bullish environment, it is important to keep an eye on the downside risks to oil and not get carried away with investor sentiment. With U.S. mid-term elections in November, Trump is set to face increasing pressure. The trade […]