New Signal: Crude Oil (CL) Price Rally Up On Improved Import Numbers From China
The oil market has been benefiting from the rally in the markets during the past couple of weeks. The worldwide easing in restrictions related to the corona virus along with the smaller than expected crude oil inventory buildup have been supporting the rise in crude oil prices lately. While the long-term fundamentals are still negative, the current change in market environment caused the many traders on the short side to cover their position; helping crude oil prices to move up.
Today, we have seen oil prices pushing higher following data released from China, showing crude imports figure rose last month (April) to 10.42 million barrels per compare with March numbers of 9.68 million barrels per day.