Crude oil made fresh 11-months lows overnight as recession fears grow, at MM we feel these economic concerns are very warranted but crudes already drooped more than ~20% in just one month which feels overdone with China looking to reopen its economy.
- We believe crude oil is almost fully pricing in a recession through 2023/4 hence the risk/reward favours the bulls.
MM is bullish crude from the $US72 area
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