 Good morning to CMC Espresso from the Frankfurt office of CMC Markets. The acting oil minister of Kuwait last week already said that an oil price between $50 and $60 per barrel for print crude oil would be an appropriate price. Yesterday, his colleague from Abu Dhabi joined in with a forecast that crude oil prices could climb as high as $60 a barrel amid a clot that's twindling more quickly than projected. Print futures rose firmly above $50 yesterday amid those concerns, those comments, and they also profited from a weaker dollar and the expectation that low rates in the US will be here for longer, so the liquidity behind that is also driving crude oil prices higher. At the UBS, the Swiss Bank, they published a research note and said that the journey from an oversupplied to a sustainably balanced oil market is not yet over. Speculators cut their total long and short positions on WTI crude to the lowest since January of 2015 before the OPEC meeting, which was on 2nd of June last week. That's according to Commodity Futures and Trading Commission, the CFTC. It will be interesting to see if they jump back into the bandwagon in this running week and as the oil prices went above $50, it will be interesting to see how the commercials and speculators acted and reacted on this. Interestingly, the price targets Middle Eastern Oil Minister C for crude oil, so that is $50 to $60 per barrel. They are roughly where everyone thinks US American fraction production costs are, that is between $50 and $60. As long as prices won't rise above that range, there will be no real incentive given from the Middle East to the US producers. It will be key to watch the number of active US oil drilling rigs. They just increased now from the lowest level in more than six years according to data from Baker use that was published on Friday, so it will be interesting to see if there is any upside reaction on active drilling rigs in the United States. Those statistics will give us a good indication if the US oil industry is ready or able to strike back. Chinese Finance Minister Lu yesterday have published his own opinion about the US economy. He said there should be or there should be not too much worry about another US interest rate hike despite the fact that it could have a broad impact on financial markets and added that US economic recovery remains fragile. The rate rise issue would not be a so is seen from in his perspective is like a sword hanging over people's heads. Its impact has on the other hand already been largely digested by the market, so people should not worry too much about it. On the other side of the planet, there was later on Janet Yellen, the Fed president, was half a day later talking about Chinese rebalancing risks and how they pose a threat to world financial market stability. All in all, Janet Yellen didn't really say something meaningfully yesterday, she tried to spread some optimism after Friday's dismal chop starter. In the end, she was sounding like a dovish hawk and it was interesting what she didn't say though. Unlike two weeks ago, Yellen didn't give a timetable for a rate hike, she didn't repeat that she thinks it is appropriate to hike rates in the coming months, she just said that she thinks it's probably appropriate to do so but didn't give any timetable for that. There was as expected good news for US stocks which have been in some kind of tug of war with gold yesterday in trying to find out who will profit most from the specter of lower rates for longer. It seems that yesterday stocks took the winning point over gold which might be the sheer result of technicals. In the end, the S&P 500, while richly valued, is close to its all-time high and that is not something that you can say about gold. The question remains though how much more stamina the liquidity driven bull market in US stocks still has before there will be a top coming.