Since its last Friday, 24 May low of US$76.60, the West Texas Oil (a proxy of WTI crude oil futures) has rallied by 5.7%, a 3-day consecutive upmove to hit a current intraday high of US$80.86 at this time of the writing.
WTI crude oil has started to evolve into a short-term uptrend phase reinforced by the recent liquidity infusion by China’s central bank, PBoC upcoming 50 bps cut on the RRR.
Since our last report, the price actions of West Texas Oil (a proxy of WTI crude oil futures) have managed to trade above its 13 December 2023 low of US$67.82/barrel and whipsawed around the 20-day moving average in the past two weeks.