WTI Crude Oil: Market Drives Towards $55

WTI Crude Oil: Market Drives Towards $55

From dailyforex.com

The West Texas Intermediate crude oil market rallied a bit during the trading session on Tuesday as we continue to see the “reflation trade” come into play. This should favor crude oil, at least for the short term, despite the fact that demand is less than stellar. One of the main drivers is the idea that as the economies open up, that should drive crude oil higher, at least based on demand. From a fundamental standpoint, Saudi Arabia has recently self-imposed cuts that could continue to push crude oil higher in the short term. Furthermore, the US dollar has been falling and this is a market that is priced in ... (full story)

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