Crude is up 8% this morning as Middle East tensions have speculators worried that global oil output will be hampered.
Yes, I wrote "speculators".
OPEC has already said that they will cut output - more than once and more than a little. Still, crude futures have gone straight down. In my opinion crude getting a bid on this weekend's news is speculators trying to get in front of a supply shock that probably won't happen. The trade is probably a good one, though, since they got oil up to $147 in July when it never should have been there based on supply and demand.
Again, just my opinion.