In recent days, I have been banging on about a potential recovery in oil prices following their 10% decline from the peak of April. On Wednesday, we finally saw a decent rally. But while that may be a bullish signal, the bulls still need to do a little more before one can confidently call it the bottom. For now, though, the downside looks to be limited as investors have now mostly priced out the risk of a wider conflict in the Middle East. If anything, there remains the risk of renewed escalation in the conflict with Israel wanting to invade Rafah. Additionally, the demand outlook in Europe and China have improvement ... (full story)