Risk Appetite and Data Support Crudes Surge to New Highs Yet Conviction Does Not Hold

Risk appetite, macro data and supply-and-demand statistics seemed to align for bullish crude traders. Yet despite begin given the fundamental green light (and notably still backed by impressive buying momentum over the past month), the active crude futures contract on the NYMEX was forced to retrace its morning thrust to a fresh, eight-week high just above $83.

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Risk Appetite and Data Support Crudes Surge to New Highs Yet Conviction Does Not Hold