If the oil market is deemed bullish because the complex remained stable last week, then it is so only tentatively. Conversely, if it is considered more negative due to the complete lack of willingness to approach significant resistance levels, that view does not rest on a firm footing either.
Although oil bulls have been provided with ample ammunition, they have chosen, for some time now, to keep their gunpowder dry. Seemingly, no amount of geopolitical risk or bright economic prospects is sufficient for them to demonstrate a sustained upside commitment.
What had been billed as the highlight of the week, in the end, turned out to be something of damp squib. The Federal Reserve cut interest rates by a quarter-point, spoke at length on a troubling employment market and once again rammed home the notion that its membership would be unhurried in decision, and take each future one on the basis of contemporary data.
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