Crude oil has bounced nicely from its test of $US75 and in line with current market optimism towards China, we can see a rally over the coming weeks to test the low 90s, which should help support stocks into Christmas – crude oil is a direct indicator of global economic strength and after falling for most of 2022 noises from China is helping ward off some of the current market fears.
- We believe such a rally by crude oil can take some of the Australian energy stocks to new multi-year highs e.g. Woodside Energy (WDS) back above $40.
MM is now mildly bullish on crude oil
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