Brent has reached the threshold of $60 for the first time in more than a year with a mix of elements behind oil’s rally. First of all, the expectation for a quick and full economic recovery (albeit perhaps a little overly optimistic). Secondly, investors are expecting new economic stimulus measures from the US Government. The optimism we are seeing in stock markets, dominated by a remarkable risk-on scenario, is pulling up oil with WTI also just reaching a 13-month-high. From a technical point of view, nothing has changed yet and investors are still betting on further rebounds for both of the main oil benchmarks.
Chief analyst at ActivTrades and technical analyst for Italian newspaper 'La Stampa'. Carlo Alberto provides regular commentary for UK outlets including the BBC, Telegraph, the Independent Bloomberg & Reuters. He is also a weekly commentator for CNBC Italy and a columnist for La Stampa. He worked for Bloomberg as their Equity Research Fundamental Analyst before joining brokerage ActivTrades in 2011 to specialize in currency markets and commodities. In 2014 he published a 250-pages book on gold and the gold market, followed in 2018 by a new updated edition.
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© 2019 High Leverage FX - All Rights Reserved.