Because... fundamentals...
Nothing says "Buy Oil" like the weakest US manufacturing PMI since 2009, dismal Japanese trade data, and the European economy collapsing.
Chatter is that the catalyst for the move is a Genscape report showing an inventory draw at Cushing
WTI had been sliding amid growing optimism for returning Canada production after weather relief over weekend helped firefighters battling wildfires that shut-in more than 1m b/d of production.
A Russian Ministry of Defense report claims that EgyptAir Flight 804 crashed over the Mediterranean Sea due to the aircraft being struck by debris from a large meteorite. The Kremlin say that a 10,000 metric tonne meteorite entered the Earth’s atmosphere on May 17, and Russia were the first country to issue a warning about the potential danger it posed to aircraft.
American businessman, Paul Salo, has decided to “recreate” the 9/11 attacks by purchasing a Boeing 747 and crashing it into the side of a building at 500 mph in Thailand. Salo says the 9/11 reconstruction is aimed at confirming or debunking the 9/11 conspiracy theory that the twin towers were brought down by controlled demolitions.
While earlier today the Egyptian military claimed to have found wreckage, including a body part, seats and suitcases from the crashed EgyptAir airliner, the question of just where the aircraft came down in the Mediterranean remains. Since finding the black box - and the reason behind the crash - requires finding the remains of the fuselage first, this is the current focus of the search mission, now that no survivors are expected.
The Egyptian military said it has found EgyptAir Flight MS804 debris 290 km north of the Mediterranean coastal city of Alexandria. Egyptian army spokesman Brg. Gen. Mohammed Samir said on his verified Facebook page Friday that his military's search planes and vessels had discovered parts of the Airbus A320 along with some passengers' belongings.The military is certain the debris comes from Flight MS804 Samir told NBC News by phone, adding that the wreckage will be brought back to Egypt for investigation.