Fundamental OverviewCrude oil rallied strongly on Tuesday following the first news of an imminent missile attack from Iran against Israel. We had also the US ISM Manufacturing PMI release with the new orders index ticking higher in a potentially first sign of an improvement in demand. Yesterday, crude oil extended the gains as we got the news that Israel could target Iran’s oil infrastructure in a potential retaliation. That also triggered a breakout of a key resistance which increased the bullish momentum. In the big picture, central bank easing generally leads the manufacturing cycle, so we can expect global growth to pick up, especially after the Fed’s 50 bps cut and the Chinese official
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