Oil prices rebounded today, as US negotiators said the Iran deal was far from a sure thing. Weakness in the dollar also provided a boost in another session of wild swings. “The market has been extremely volatile,” said Andrew Lipow, president of Lipow Oil Associates in Houston. “The market is reacting to all sorts of different headlines hour to hour, and the movement in oil markets on a day-by-day basis getting even more exaggerated.” The broad dollar index was down 1% on the day, but the possibility of a looming recession is keeping prices in check. Today the US House of Representatives passed the Consumer Fuel Price Gouging Prevention Act, which would essentially enable the FTC to target people who sell fuel at a price that is \u201cunconscionably excessive\u201d. The last time the government tried to impose price controls on fuels led to a massive shortage back in the 1970s, however, it is unlikely this bill will pass in the senate. WTI traded up $2.62 or 2.39% to close at $112.21. Brent traded up $2.19 or 2.07% to close at $111.30.<\/p>\n\n\n\n
Oil prices rebounded today, as US negotiators said the Iran deal was far from a sure thing. Weakness in the dollar also provided a boost in another session of wild swings. “The market has been extremely volatile,” said Andrew Lipow, president of Lipow Oil Associates in Houston. “The market is reacting to all sorts of […]<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-6393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n