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Oil Gains on Apparent Lack of Middle East Progress
The war in the Middle East continues to hang over risk-taking appetites the sword of Damocles. There appears to have been little progress over the weekend, even though a US decision was expected after the meeting in the White House Situation Room at the end of last week. Reports suggest there have been a series of skirmishes over the weekend, and Israel intensified its assault on Lebanon. The US and Iran reportedly are proposing amendments to a draft deal. Both the Washington and Tehran apparently think they have the superior hand. Oil prices are 3-4% higher today. The dollar is consolidating mostly within the ranges ... (full story)
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