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Saudi Arabia on Tuesday announced an end to Operation Decisive Storm, its coalition bombing campaign against Houthi rebels in Yemen.
Crude oils bulls failed to maintain their ground on announcement giving up most of the gains made since last week.
- WTI is trading around $55.9/barrel, while Brent is trading at $61.7/barrel.
Saudi Arabia in statement announced that the mission was successful and they will now be moving with "Operation restoration of hope". Saudi spokesperson said that the mission was successful in eliminating key artillery and missile positions of Iran backed Houthi Rebels.
- Saudi Arabia is celebrating victory, however the decision might have come due to its failure to attract military intervention support from rest of the Muslim world. Pakistan, a Sunni Muslim state supported Saudi attacks however made clear over its preference to resolve the crisis politically and denied to get involved in military invasion.
- Iran has been voicing and lobbying for a diplomatic solution to the crisis. It seems Iran's move has gained traction.
What impact for oil?
- Impact on oil over this would be temporary, just like the announcement of invasion was.
- Theoretically speaking Brent should drop more on the announcement as Arab league use that as benchmark. However in reality spread has actually tightened by 30-40 cents since last night.
After initial fall, probabilities are high that oil bulls would take over control in the short term. Larger downtrend bias amid oversupply is still in play.
