With many emerging markets battling the deflationary force of low commodity prices, this fall’s crude oil rally is a welcome sign. Oil prices are threatening to break out above the benchmark $60 level, which would be good news for the world economy. In this report, I’ll make the case for being bullish on oil’s intermediate-term (3-6 month) outlook based on some rather timely geopolitical and fundamental developments.
After peaking at $77/barrel last November, oil prices have had a tumultuous 2019. The rebound from last December’s low price of around $45 to its April 2019 high