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Oil falls $3 as geopolitical fears ebb ...Middle East
The theme of the day in global markets is 'sell the fact' on the Gaza ground invasion because it hasn't expanded into a broader regional war, at least not yet.Oil is basically back to where it was before Hamas terrorist attacks after several days of chopping back and forth. The main level to watch is the October low of $81.50, that needs to hold to keep the bulls in chart. If it does, it will add to a series of higher lows as OPEC continues to tighten the screws on global oil supply/demand.The big downside risk is some kind of US-Saudi alliance where MBS agrees to pump more in exchange for US security guarantees. Otherwise, the downside risks are related to slowing global growth.
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