Daily Note- Oil on the rise


  • Goldman Sachs note capturing imagination
  • US: Good data across the board
  • UK: CPI slows in April


Good Morning,

WTI crude gained $1.65 to $47.86 earlier this week after supply disruptions hit Nigeria and a Goldman Sachs note captured the market’s imagination.

Oil gains in the past month have been a triumph of technical over fundamentals. The lone hard news on Monday was a Genscape report showing another 694K barrels of crude going into storage in Cushing, OK. However this “bearish” news was swamped by the Goldman Sachs note, which raised near-term price forecasts for oil because of supply disruptions.

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GlobalMacro360 Daliy Note 18th May 2016


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