WCU: Selling fatigue and Draghi save the day for oil

Crude oil touched a new multi-year low weighed down by Iran sanctions removal and the "drowning in oil" comment from the IEA before staging a strong comeback. Non stop selling since January 4 had created a market that was increasingly short oversold and ripe for a bounce. Mr. Draghi's comment about additional QE helped trigger a rethink and global stocks and oil rallied strongly

from Ole Hansen - Authored content https://www.tradingfloor.com/posts/wcu-selling-fatigue-and-draghi-save-the-day-for-oil-6940634?utm_medium=tf4-feed&utm_source=extract