MCX Crude Stop Loss Hit 4933 Crude Call Closed – Neal Bhai Reports
The recent gains in WTI and Brent were a treat for investors and a boon for oil bulls. The original catalyst for this most recent rally was a bullish inventory report, with the EIA announcing that inventories at Cushing, Oklahoma, had declined by 5.8 million barrels. A larger than expected drop of 600,000 bpd in Iranian exports helped to drive prices higher still. Finally, the maiden speech of the Fed’s new chairman, Jay Powell, served to weaken the dollar and send oil prices upwards once again.