oil

We showed you the "bored" Chinese workers who traded commodity futures for excitement - Now, it's time to meet North America's oil day-traders... moms-and millenials.

The recent volatility in crude oil has gotten the attention of people who do not list trading as their day job, but are randomly attempting to day trade oil anyway the WSJ reports.

Take for example Erika Cajic, a 45-year old full-time parent who took a shot at trading oil via UWTI.

• Oil prices ease from seven-month high to below $49 (Reuters)
• Wall Street Waits for Yellen Before Taking Off for a Long Weekend (BBG)
• Donald Trump Celebrates Clinching GOP Delegate Race (WSJ)
• Trump vows to undo Obama's climate agenda in appeal to oil sector (Reuters)
• Japan Fails in Bid to Have G-7 Warn of Global Crisis Risk (BBG)
• Valeant Rejected Joint Takeover Approach From Takeda, TPG (WSJ)
• Activist William Ackman, Valeant Investor, Tries Life as an Inside Man (WSJ)

Submitted by Michael Klare via TomDispatch.com,

Submitted by Kurt Cobb via OilPrice.com,

The world's largest exporter of crude oil, the Kingdom of Saudi Arabia, recently announced a plan for its post-oil future. If a country almost synonymous with the oil economy can see the need for such a plan, how can the rest of the world, particularly the United States, the world's largest consumer of petroleum, not see the necessity of such foresight?

When the price of oil was above $100, many of the less developed oil exporting OPEC members decided to capitalize on the high price and cash out by taking loans using the precious liquid as collateral very much the same way corporate CEOs use their inflated stock (thanks to buybacks they authorize) to issue loans against said stock. And why not: even if the price of oil were to drop, they could just pump more until the principal is repaid.