Apparently, Iran had sent a new proposal to the US via Pakistan, which helped to keep sentiment supported on Friday and pushed oil prices lower. Whether this will lead to sustained weakness in oil remains to be seen. In my view, as long as the Strait of Hormuz situation remains unresolved, these types of headlines are likely to provide only temporary pressure on prices rather than drive a prolonged move lower. If oil gaps at the Asian open on Monday, it could trigger moves in gold and across other financial markets, given how interconnected they’ve become. Now, before discussing upcoming data and turning to the ... (full story)