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Oil hits two-month high ahead of OPEC+ meeting as China signals reopening

I cannot stress enough how impressive the six-week oil rally has been.

Sure, WTI only rose from $102 to $116 during this time, but the backdrop has been so negative. The United States releases 1 million barrels per day from the SPR, China is stuck and concerns about global growth are rife.

Rallying despite these headwinds is almost unprecedented. This speaks to real supply shortages, with 3 million barrels per day potentially missing in Russia.

Technically, WTI Crude is now just below the late March high of $116.61. A break from that opens the way for a move back to $130. As China is set to reopen, demand is now expected to strengthen.


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