Oil is back on the boil today, up $5.62 to $110.27 in the US.
At the start of the month, there was a rapid rise to $130 from $95 but the move was entirely retraced. Now we’re seeing a second bounce that’s certainly more than a dead-cat bounce so far. The rally comes despite more signs of an Iran nuclear deal and rising covid in China.
The level I’m watching next is $112.27, which is the 50% retracement of the recent drop, followed by the 61.8% level at $116.66.
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