Daily Oil Fundamentals
China remains antidote to bulls
17 Jul 2023China remains antidote to bulls
After improving $3.47/barrel in WTI and $3.28 in Brent to make new highs on Thursday from start of play on Monday, the market is in the process of eroding such hard fought gains and both crudes now sit only some 50c/barrel higher than from the outset of last week. After the US CPI was well received by bulls, aided with protest-inspired closures in Libya and testing towards the vital technical area of the 200-day moving average for both WTI and Brent, a correction ensued and continues today.