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Oil Outlook: Bulls take a break
WTI’s two-week rally seems to have ended yet that remains to be seen. In contrast to our previous report, we tend to focus on the situation of the US oil market and also keep an eye out on China, as well as the international supply side of the oil market. In this report, we aim to shed light on the catalysts driving WTI’s price, assess its future outlook and conclude with a technical analysis. We note last week’s comment about the problems in the supply side of the US oil market given the freezing weather. Yet Baker Hughes reported an increase in the number of active oil rigs by two, implying a small rebound on ... (full story)