It was a nice day for the oil bulls as crude settled higher by $1.58 to $65.59. It’s the highest for WTI since August 7.
I don’t know if I would read too much into the upside at this point, given the growth concerns that are evident elsewhere. I think this is more about the concerns around Russian barrels and perhaps this weekend’s OPEC+ decision.
The main sustainable catalyst I could see for oil would be if Trump’ tariffs are blocked permanently. That said, a rebound to $70 could come with the ebb and flow of markets.
This article was written by Adam Button at investinglive.com.
