MM still believes that commodities look great through 2023/24 and while the $US fails to find any love, even after its 11% pullback over the last 5 months, the short-term pullback we’ve been expecting has proved elusive.
- Crude oil has rallied as growth optimism increases and we are targeting a test of $US95 over the coming months targeting i.e. ~10% upside.
MM is now mildly bullish on crude oil over the coming weeks
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