Fall hasn’t even officially started and already the season feels familiar. Take Tuesday's move in oil . That sure had a deja vu quality.
In case you were still on vacation the price of crude surged Tuesday to over $71, its biggest gain in a month triggered by a weaker dollar. Now traders are wondering if other catalysts will move prices even more.
For example oil's march higher comes on the eve of an OPEC meeting in Vienna and amplifies the question of production levels. Although the Saudi ministers have hinted production will remain steady, if they change their minds unexpectedly it could cause oil to spike.
Then later this week we get inventory numbers as well as August economic data from Beijing, which is expected to show China is well into recovery. Both of these factors are potentially bullish for oil.
Has oil begun its march higher?