Top Heavy Oil Markets Continue To Rally
U.S. West Texas Intermediate and international-benchmark Brent crude oil managed to eke-out a small gain for the holiday-shortened week, but the volatile, two-sided price action indicated cracks may be developing in the bullish narrative.
Despite hitting a new five-month high earlier in the week, it was Thursday’s gains which prevented the crude oil markets from closing lower for the week. Nonetheless, this week’s price action suggests a top-heavy market. However, we do realize that the below-average pre-holiday trade may have had an effect on trading.
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