Surpassing a crucial threshold for spurring new shale drilling, WTI crude is approaching $62 a barrel for the first time in three years as the API reported a major draw in crude inventories and political unrest grows in Iran. In last month's survey of more than 100 oil industry executives, the Dallas Fed found 42% would expand drilling with prices between $61 to $65. An additional 31% would increase investment when prices top $66.
Economy
Major Asian markets traded mostly higher overnight on the back of a stronger lead from Wall Street, with solid manufacturing