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Crude oil surge lacks conviction, seeking reversal signal to initiate shorts
The bullish signal in WTI crude oil I was seeking came to fruition late last week, delivering a sharp rebound that accelerated on Monday. But despite renewed optimism surrounding the economic health of the world’s largest crude consumer, the United States, you can’t escape the fact that OPEC producers are set add barrels to the global marketplace from October, while monetary policy settings across the developed world remain in contractionary territory, restraining activity and limiting crude demand. For that reason, I revert to selling rallies after the latest squeeze higher. Despite the bullish price action, ... (full story)