WTI Crude Oil (current price: $49.25)
Oil got very close to the all-important $50 level on Thursday yet again after the sixth daily advance in a row by the commodity. The bullish U.S. Crude Inventories data gave a boost the Black Gold, as WTI Cured rose by almost 3% on the day getting within 5% of the June highs near the $52 level. The better than expected Australian and British economic numbers also lifted oil, as the general rally in risk assets continued to help the most crucial commodity.
Our assessment: Oil got moiré than 20% higher in 3 weeks following the bottom below the $40 level in late July, as international fundamentals are getting somewhat better, and global sentiment continues to improve.
