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Oil Rallies. Why?

|Includes: COP, Chevron Corporation (CVX), USO, XLE

My view on crude is that the move is a result of increasing tensions in the Middle East. Iran produces 4.3 mm bbl/day, almost 50% of Saudi Arabian capacity and has 13% of global reserves. Good opinion piece in WSJ. Fear over war breaking out in Middle East over this issue driving fear factor in crude.