Until pulling back a little from its highs on Friday, crude oil had been trending higher for much of the week, making back a good chunk of the losses suffered in the previous week. The 4-month rally stalled earlier this month as investors worried about demand from the US, where hot inflation continues to push back the implied probability of interest rate cuts. We have seen stronger than expected CPI, GDP deflator and Core PCE index in the last couple of weeks. However, this has been offset to some degree by signs of an economic recovery in Europe, while ongoing supply cuts by the OPEC+ group continued in the ... (full story)