Direxion Daily S&P Oil & Gas Exp & Prod Bull 2X Shares

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Market cap $223M

Saudi Arabia is attempting one of the most ambitious economic transformations in the world, hoping to use tourism to reduce its reliance on oil and reshape its global image. Under Vision 2030, Crown Prince Mohammed bin Salman has backed massive investments in luxury resorts, cultural destinations, airlines, and infrastructure.

Oil traders Vitol and Trafigura and Greek tanker owners are diving back into the country after Nicolás Maduro's ouster.

Weekends now seem to be the worse time for oil traders to let their guard down.

Four Venezuelan banks were notified this week by the ​country's government that they will split $300 million of oil revenues deposited in an account in ‌Qatar, enabling them to sell dollars to Venezuelan companies that need foreign exchange to pay for materials, two financial sources and an analyst said.

Traders believe that the risks of a U.S. strike against Iran persist.

The U.S. Department of Energy is exploring a plan to exchange heavy Venezuelan oil for U.S. medium, sour crude to fill up the Strategic Petroleum Reserve, two sources said on Friday.

U.S. stocks traded mixed midway through trading, with the Dow Jones index falling around 0.1% on Friday.

The light sweet crude oil market shot higher during the week, but then turned right back around.

Washington has started selling Venezuelan crude oil after earlier this month launching a military strike on the nation and capturing dictator Nicolás Maduro and his wife on charges of narco-terrorism conspiracy.

The crude oil markets continue to pay close attention to the situation in Iran and the potential for military action that it could bring. Oil will remain extraordinarily volatile in the short-term.