Crude oil has rejected the sub $US75 area and the combination of a declining $US and the weekend’s re-opening rhetoric from China should be supportive of oil, MM is now looking for some consolidation around the $US80/barrel area with the risks switching to the upside.
- Following crude oils’ bounce from the October spike low we wouldn’t be surprised to see a test of $US90/barrel over the coming weeks.
MM is now neutral to bullish crude oil into Christmas
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