U.S. West Texas Intermediate crude oil futures are trading lower on Friday, but are still up for the week. This week’s rally is being fueled by a combination of a bullish technical chart pattern and mixed-to-bullish fundamentals. The technical chart pattern is pretty clear. After erasing the “war premium”, bullish traders found value at $92.
20. Now they are looking for a fundamental event that could launch a breakout to the upside. The fundamentals are mixed, but still leaning toward the bullish side. The theme this past week…Oil Rally Undeterred By Bearish News
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