Oil price closing in on $80 per barrel, Weak U.S. dollar, rising demand in China and a stagnated economy. Hezbollah and ISrael could be soon in an All out war.

 

Oil continues its climb back towards the illusive, and psychological price resistance of $80.  Supported by a weaker U.S. Dollar (markets urging the Federal Reserve to cut rates), demand from China, which looks like signs of a stagnated economy forming, plus rising demand.  And the main issue: Markets have woefully mispriced and/or priced out, a wider conflict in the Middle East, between Lebanon's Iran backed Hezbollah and Israel.

* China retail data beats estimates, industrial figures miss - Bloomberg

* US dollar wobbles as markets await more Fed clues - Forex Factory

* US envoy meets with Israeli leaders as tensions with Hezbollah escalate - Al Jazeera