Crude rebounds after early rout
WTI crude nearly touched $60 in early trading on worries about economic growth after Trump's tariff threat.
But the market is increasingly brushing aside his talk as merely bluster or a bluff. That's a dangerous game but it's the mode in markets at the moment.
As a result, oil fell more than 3% only to completely rebound. WTI is now trading at $61.75, which is just below Friday's close.
Zooming out, the daily chart shows how important the area around $60 is.
On of the reasons for the rebound is a report saying Iran is poised to breach parts of the nuclear deal after the US ramped up sanctions on oil exports. US Secretary of State John Bolton also released a provocative statement about an aircraft carrier deployment to the Middle East.
