For all the machinations and wild rides experienced last week, the weekly progress made by the oil complex indicates the convoluted environment oil finds itself in at present and while overall the crudes tangoed their way...
Again, oil cannot escape the downcast clutches of the wider macro suite and while being at such elevated levels with both the crude futures contracts of WTI and Brent registering as ‘overbought’, the pressure ensuing from another poor day for the bourses inevitably found its way into oil’s realm.
When our market relentlessly trends, there tends to be one overwhelming driving force behind the rally or sell-off. The present move up is unequivocally led by scarce supply and actual inventory decline.
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