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Four Charts Behind Oil's Latest Jump

  • Timespreads strengthen, with call skew near four-year high
  • Latest rally comes amid geopolitical risks, supply cuts
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Oil to Hit $80 a Barrel in Second Quarter, Says BofA's Blanch

Crude oil prices have rallied more than 10 percent this year, and for the time being there’s not much to give the bears hope.

With OPEC’s supply cuts biting and the risk for Middle East conflict on the rise, the market’s underlying indicators have turned increasingly bullish. As shorts flee the market and technical indicators point higher, the positive narrative for oil is alive and well. The move comes as OPEC and Russia explore further cooperation and a May 12 deadline looms for U.S. President Donald Trump to consider renewing Iran sanctions.