Crude oil has quickly surrendered its recent gains as recession fears again became front and centre of investors’ minds, it’s bizarre how strong economic data is driving recession fears but it, unfortunately, demonstrates that investors have limited confidence that the Fed can balance its fight against inflation without avoiding a painful economic downturn.
- We believe yesterday’s dip in crude oil was a classic knee-jerk washout with the risk/reward now looking appealing.
MM remains mildly bullish on crude oil below $US75/barrel
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