WTI crude flat after falling $1.50
Talk of a stronger dollar and a June Fed rate hike led to heavy oil selling after the FOMC Minutes. Crude was at $48.72 before the Minutes and fell more than 4% to $46.76 by early in US trading.
But in the past 5 hours crude has stormed back and is now trading unchanged at $48.17 on the day.
Technically, the turnaround underscores the bull market in crude in a most-impressive way. Oil has been hit by all kinds of negative headlines and developments in the past few weeks but nothing has been able to significantly dent the momentum.
I hate the medium-term fundamentals but you just can't fight a chart like this.
