Welcome to the whipsaw edition of Oil Markets Daily!
WTI managed a strong close today and this week with a finish right around $52/bbl.
On a technical basis, the move validates what we had presumed to be a critical support level. After making a false breakdown below $50/bbl, WTI never managed to close anywhere below $49 and immediately rebounded right back up. Following news reports and analyst forecasts that oil could plunge well into the $40s, the market did what it always does best - completely throw everyone off.
Source: HFIR Oil Trading Portfolio
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