Brent on the rebound again ahead of the Fed

Let me start by saying that the Fed policy decision will probably not have much to do with oil prices, but this update comes ahead of the decision and hence the reference to it here, as it is now only around 35 minutes away. So, turning back to the oil markets; the last update here noted how Brent had lifted to a new high on the week at $77.44 and it was already turning back down through $77 when that update went out. Well, it sure did not stop there, because a batch of fresh headlines concerning the Middle East situation sent oil prices tumbling and Brent got smashed back to below $74.50. However, it has been on the rise since and a fresh headline just now helped it higher once more. That headline concerned reports of US fighter jets apparently in the air between Syria and Iraq. Well, that report just now lifted Brent above $76.50. Look, as repeated many times already this week, this market is 100% headline driven at the moment and you need to respect that 100% too.