Impressive day for oil today as WTI crude gained $1.33 to $88.43 despite near-universal worries about global growth.
The gains for oil come on worries about sanctions in Iran and a strike in Norway. The bigger driver is US dollar weakness ahead of Bernanke’s testimony tomorrow. Indications about further printing will likely take oil above the $88.98 July high to the highest since May.
A rally above $89 points to further gains toward $92 but the broader trend still remains down.
