Despite all that, oil is having a great week, up 6.5%. Perhaps some of that was relief that OPEC didn't add even more barrels on the weekend but it's a move that's caught the market by surprise.
Market positioning is short and there is a big gap on the chart back up to $70-71 that could lead to a quick squeeze. Time spreads have been surprisingly bullish and there is optimism around trade. If Trump locks in a trade deal or two in the week ahead -- particularly with sub-10% tariffs, then we could see some relief in risk assets generally, including oil.
Up In a sense of what's driving some of the optimism, the Baker Hughes US oil rig count is out and nine rigs were dropped in the past week, leaving total rigs at 442. They've been falling fast.
This article was written by Adam Button at www.forexlive.com.Hence then, the article about oil is doing the thing that no one thought it would do was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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