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Impressive day for oil as it rallies $3 from the lows

It was looking bleak for the oil bulls earlier today as crude prices fell $2 on worries about the Chinese economy. But the buyers put on a tour de force in New York trading, taking WTI to $83.03 from $79.90.This kind of turnaround on a day with a poor risk backdrop is a sign of independent strength in oil and a tight market.My only worry is that API data leaked early and this trade is a front-run of the data, which will be out at 4:30 pm ET, followed by the weekly EIA data tomorrow.If oil can su... Read More

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Posted: Aug 8 2023, 18:43

Author Name: forexlive

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