Early declines reverse
WTI crude oil climbed 50-cents to $57.90 today while Brent fell 55-cents to $64.66. The spread between the two is down to $6.99. If it can narrow another 50-cents that would be the closest since August 2018.
WTI has cheered on the shift to easing at the ECB and Fed in the past week. It's rise to $58 from $52 in the past week, including three straight gains since the FOMC.
Technically, it made a solid stand at the February low and is bouncing but unfortunately it looks like a standard retracement moreso than a fresh injection of enthusiasm. A poor outcome at the G20 or some hawkish FOMC comments could reverse it in a hurry.
In the shorter term, the rebound from sub-57 today in WTI is impressive and it came aehad of Friday's intraday low. I think there's room for a drive to $60 but not until $58.25 breaks.
