Introduction
In my last note on OIL, I expected a pullback of OIL shares given looming recession signs. Since then and despite a build in US crude storage, OIL's bullish trend persisted, advancing for the fourth consecutive week and posting new yearly highs.
In that vein and thanks to robust net long positioning on crude contracts, higher than expected OPEC+ production curb, and a surprising uptick of economic data in China contributed to improve the macro backdrop of OIL. This has strengthened my bullish view and I expect OIL shares to continue on this trend