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. Read More Details
Finally We wish PressBee provided you with enough information of ( Oil is doing the thing that no one thought it would do )
Also on site :