Oil dumps again

Good luck making sense of this.

Overnight saw oil prices slide as optimism of a deal picked up (though few headlines) and IRGC said that a return to war with the US was unlikely (while warning that it stood ready against any attack).
0800ET Oil tumbled on Iran TV reports of optimism on a MOU and draft deal status
0900ET Oil reverses higher as The White House says MOU report is ‘complete fabrication’
1300ET Oil up, stocks down as Trump says ON IRAN: WE MAY HAVE TO CLOSE IT OUT VERY QUICKLY
1400ET Oil drifted lower as Trump’s cabinet meeting ended uneventfully (threats to Oman. Strait will be open soon to everybody)

Dated Brent dumped again, but on what, exactly?

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.