With a lack of overnight economic data to consume, we are left to reflect on yesterday’s Federal Reserve decision to keep interest rates at 0.25%. While their justification to do so seems understandable – a lack of inflation remains concerning as does economic weakness in emerging markets – what is most curious is the negative response by the crude complex. Despite a weakening dollar (a stronger dollar was highlighted as another pillar of pain upholding the decision not to raise rates), oil prices have shown downside movement ever since. It raises the question: what would prices have done if they had raised rates?!

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