The third quarter was good enough for oil Bulls. There were few reasons as the demand is surging, geopolitical risk is rising and Moody’s warns that shale oil producers will need $50 a barrel plus oil to make any money. While global supply tightens we see some geo-political concerns have more sway. The void by the Kurdish minority in Iraq is rising concerns of a supply stoppage. Turkish President Tayyip Erdogan called the vote illegitimate and has threatened to break with past practice and deal only with the Baghdad government over oil exports from Iraq.



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