Oil is priced in US dollars, which has been on the rise for weeks, which makes oil's super-strong performance even more impressive.
Its on the rise again in Asia following a solid performance on Wednesday:
There is no fresh news catalyst spurring on the rise. The tailwinds for it are well-known:
- OPEC+ supply cuts
- inventories get sucked dry
- Improving demand, especially as China begins to shake off its economic lethargy:
- Nomura raises China GDP forecast (yes, raise). BoA sees green shoot in China profit data.
The (more than) week-long Chinese holiday coming up has been touted as another leg of the support for demand as travel in the country surges.
