Crude continues to march higher
Today there were hints from OPEC about a longer cut (we already knew that) but also a deeper cut (that’s new).
Crude has steadily climbed and is now at the best levels since April 21. On the day, front month WTI is up $1.06 to $50.40 with almost half the gain coming in the past hour.
The rise above $50 clears the 61.8% retracement of the late-April fall.
The OPEC meeting is May 25.