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Oil jumps more than 4% on hopes for ECB stimulus and trade war optimism

Crude jumps

WTI crude oil is up $2.20 to $54.10 in the best day for crude since January.

The hope is that a combination of central bank easing (Fed and ECB) along with a better tone on the US-China trade war leads to better demand for oil. Much of the drop from $62 was related to trade fears so that’s a reasonable target for a rebound.

The main short-term level to watch is the June 10 high of $54.84.

ForexLive

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