Even though there has been a build-up in crude inventory, I believe people are betting on the recovery of the economy in the coming weeks. We might find ourselves testing 40 again tonight but if the build-up remains by next week probably going to find us dropping back to 35 range again? Going to go long around the 37.7-37.9 range.
With the moving averages giving buy signal and the price consolidating awaiting the reports, I believe we can expect 41 by Thrusday judging that the reports are bullish and that Libya does not resume production but the OPEC+ deals only lasting this month I believe confidence is low and we can expect a retracement before the end of month turnover unless OPEC+...
