After bottoming out on July 13th, the price of oil has quietly risen in the past two weeks. Today the price of a barrel closed at $67.16.
Just like the oil rally earlier this year, it’s got analysts that believe in the “fundamentals” of oil scratching their heads. Yes, we still have a big glut of oil. Nope, demand hasn’t really improved. But, once again green shoots this time in the form of earnings that aren’t catastrophic, investors are betting demand will bounce back.
So long as the better than expected news keeps rolling in, we expect the price of oil will keep marching upwards.
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