Oil continues its monstrous recovery to above $26 currently
Despite the surge higher over the past week, there are still lingering doubts about the oil outlook even as we are seeing major economies start to reopen.
Inventory builds are still going to be a problem and although there is a reduction in the "oil barrels stuck at sea" activity, it is still an issue that won't disappear just like that.
For now, oil is still caught in a flurry of bids and euphoria after the whole USO and negative price drama that we saw last month.
However, I highly doubt we'll see a sustained move above $30 unless something changes on the fundamental front. From a technical perspective, it's hard to fight the upside sentiment for now but the 3 April high @ $29.13 will be a key level to watch should sellers choose to lean on that level to try and turn things around.
