There was a lot of movement in markets yesterday after a Fed announcement which was widely perceived as dovish. Stocks surged. The dollar dove. And oil finally caught a break, spiking hard after the news. But as you can see on this chart, that didn't last long. Oil has given back almost all of its gains.
The move in oil mirrors what we're seeing in currency markets, where the dollar has made a big comeback since its initial post-Fed drubbing. The fundamentally bearish conditions for oil - rising production and storage facilities getting filled to the brim - remain in place.
