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Crude oil outlook: WTI could be heading to $80
Both oil contracts have now more than made up the 10% decline suffered in May. In June, oil prices rebounded a modest 4% before rising around 8% so far in July. The momentum is clearly to the upside, which means the crude oil outlook is still positive. Oil prices have risen this week alongside other risk assets, with US stock indices repeatedly hitting new highs for the year. The narrative that the Federal Reserve is winning the fight against inflation got a boost as both CPI and PPI came in weaker than expected this week, leading to a fresh rally for stocks, oil, bonds and foreign currencies. The fact that the ... (full story)