The market continues to take a more bullish view on oil
It is tough to fight the momentum in the oil breakout as price soared once again yesterday with Brent now looking towards $75 and WTI breaking above $72.
If anything, the pace of the rise is what may be a little concerning but the overall outlook is still rather bullish all things considered. Given reopenings set to bolster demand conditions and inflation still going to be a major issue/debate, oil will find it easier to stay supported but be wary of a retracements from time to time.
Adding to that are other risk factors such as OPEC+ set to open up the pumps again and of course the whole Iran nuclear deal thingy.
This article was originally published by Forexlive.com. Read the original article here.