Oil prices rallied yesterday with ICE Brent up almost 1.2% to settle back above US$90/bbl. This strength comes despite a somewhat bearish inventory report from the EIA, as well as a stronger-than-expected CPI report, which likely pushes the Fed’s first rate cut further back. The current geopolitical environment continues to provide support to oil prices. There were media reports that the US government believes that attacks by Iran or its proxies on Israel are imminent, as a retaliation for the earlier airstrikes carried out on the Iranian embassy in Syria. The EIA’s weekly inventory report was fairly bearish with US ... (full story)