Oil at $100?
Growing voices for higher oil
Some reasons for oil to remain bullish as follows. Eamonn has been well on this all week.
- India sales have rebounded in 1h of June
- US/Iran deal not progressing well
- COVID-19 vaccines are going well - less of a link between infections and hospitalisations/deaths
- Lack of supply noted
- Inventories keep falling - another private inventory last night
- Market shrugs off OPEC+ sources looking to increase supply from August
Reasonable to expect intraday buyers at $71.50 with stops below support