Oil has been largely left behind in the risk rally so far this year but there’s some scope for optimism with China turning towards stimulus, and the market feeling better about global growth.
There’s also the Saudi and OPEC+ production cuts and higher seasonal demand in driving season.
Technically though, oil has some work to do before the bulls get any real traction. For now, a close above $70 staves off the wolves but it will need to get above $75 to re-establish any kind of faith in the double bottom at $64.
Oil daily