When looking back at the performance last week of the various constituents of the oil futures complex, it is difficult not to arrive at the conclusion that it was one of consolidation.
The three harbingers of stagflation are tepid economic growth coupled with sluggish job market and high inflation. Although US jobless claims fell yesterday, the country’s economic expansion in 1Q slowed whilst the rise in consumer prices unexpectedly jumped.
In ordinary circumstance there might have been a bit more chatter and hubbub from the bleachers of the oil market when the US Inventory Report showed a 6.368mb draw.
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