The most potent ingredient in yesterday’s bullish oil cocktail was unconditionally a bearish set of weekly oil inventory data, which, however, was less gloomy than the API figures from the previous night.
The oil market does seem to have a general air of acceptance as to its current predicament of being boxed in. One.
The underlying market dynamic has not changed. The oil market is being given every opportunity to ascend but it is reluctant to do so. In the Middle East last week’s US/UK strikes on Houthi rebels have not fulfilled the desired goal, quite to the contrary.
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