- Crude oil prices enjoy their strongest two-day rally in nearly a month, as optimism surges among investors that the trade dispute between the U.S. and China may be resolved without greater damage to the global economy.
- U.S. WTI crude for May delivery now +2.5% at $64.99/bbl and June Brent crude +2.4% at $70.32/bbl.
- “There is a lot of positive news for the recent move higher in oil,” including tensions between the U.S. and Russia and easing trade war talk with China, says Long Leaf Trading's Scott Gecas, also listing last week’s inventory report that showed a 4.6M-barrel decline in U.S. crude stocks, Middle East tension from the Syrian chemical attack and the possibility on renewed U.S. sanctions on Iran.
- Meanwhile, news that Saudi Arabia is aiming for an $80 oil price adds to bullish sentiment around the oil market, says Price Futures Group analyst Phil Flynn, and that "usually, what the Saudis want, the Saudis get."
- The Saudis want oil prices near $80 to help support the valuation of Saudi Aramco ahead of its IPO, Bloomberg reports.
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, UBRT, DBRT, OILD, OILU, USAI
- Now read: Crude Oil Almost Makes It To The High, But Fails
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