WTI crude oil settled lower by 11-cents to $68.26 today. Despite the decline, that’s something of a win for the bulls as it traded as low as $66.77 today.
The entire market has turned since then on (I suspect) optimism about a near-term tariff deal.
Technically, the low came near a series of bottoms made late last year. Key from here, I think, is some expansionary fiscal policy from China this week along with true positive hints on a Canada/Mexico deal.
It’s been a tough start to the week in light of OPEC+ announcing the return of 2.2 million barrels over the course of this year and next, though that’s ‘subject to market conditions’.
This article was written by Adam Button at www.forexlive.com.
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