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Oil bulls pounce on the dip, sending crude $3 higher

Oil bulls pounce on the dip, sending crude $3 higher

What a ride for oil bulls today.

It fell $2 in short order on a report that UAE was mulling leaving OPEC. That dip didn't last long as the dip buyers waded in and the rally was complete when a pair of denials crossed. That might have been a cue for profit taking but crude has stayed strong on optimism about the global economy in the aftermath of the China PMIs this week and today's ISM services data.

RBC had a bullish update on China demand as well:

"Our China flight model... Read More

Posted: Mar 3 2023, 17:06
Author Name: forexlive
Views: 111688

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