The oil price find bids over $74, as short positions drawdown the price into oversold territory. Market is reading deflation incorrectly, via Central Banks confusion. The global economy is already in stagflation lite. Oil Price is supported by two proxy wars, more so Israel about to go on the offensive against Lebanon, may draw in Iran. (update 1)

Israel may launch a full scale offensive against Hezbollah targets in Lebanon, mostly centered around Israel's Northern border with Lebanon, yet Israel has already shown its capabilities to be able to strike deeper into Lebanon and Syria, and also Iran.  In which the shadow war between Iran and Israel is effectively over, as both countries launched missile attacks against each other, after Israel preemptively bombed an Iranian embassy in Damascus, Syria on April 1st 2024. Spiking the oil price to $82 pb.

* Israeli war cabinet calls Lebanon meeting as Hezbollah tension spikes - Al Monitor

Oil is bid above $74, oversold via messy short positions now been covered.  With the price in reach of settling above its psychological $75 resistance/support.

*Update 1*

*US Job Openings Fall to Lowest Since 2021 in Broad Cooldown - Bloomberg 

*Ukraine Drone Strike Halts Operations at Russian Novoshakhtinsk oil refinery - The Moscow Times

*Israel edging to war with Hezbollah, army chief says - Middle East Monitor

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