Oil rallies with sentiment turnaround

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ffIt is national flip-flop day, and the oil market is acting accordingly. After reaching a one-month low after six consecutive days of losses, crude has changed direction today, and is relief-rallying into the weekend on easing Brexit fears (ergo, a weaker dollar) and broader improving economic sentiment. Hark, here are five things to consider in oil markets today:

1) Before we revisit Venezuela, let us first take a look at crude oil loadings for Latin America on the whole. Just as yesterday we were able to highlight a distinct trend for rising crude exports to Asia, the chart below illustrates that Latin American crude loadings have been gradually weakening over the last year or so.

Brazil and Venezuela account for the lion’s share of exports from the region, making up for three-quarters of exports – or