WTI crude has gained in 7 of the past 8 sessions and is at the highest in more than a year.
The gains are just in time for peak US travel season and are sure to irk drivers and sap spending at a delicate time for the economy. In the grander scheme it’s another reason the Fed won’t taper.
For oil traders, the chart looks bullish from almost any angle. The 2013 price action is an inverted head and shoulders that targets the 2011 high of $115.
On Monday, when crude was at $97, Kyle was making the case for longs.