Brent weekly
It’s been a strong run for brent crude after slowly forming a bottom from March through June. A 73-cent gain today caps off the 10th rally in 11 days and the best levels since November. It’s also the first close above $90 on a weekly basis in 10 months.
There’s already chatter about a US crude oil inventory build next week due to a drop in US exports and increase in imports so there will be a good test for the crude bulls next week.
A return to the top of the old range top at $87-$89 would be a healthy correction and it could come due to some White House jawboning, which is overdue.