Brent oil managed a dead cat bounce last night climbing above the $50 round number:
Having reached my target I’m wary of remaining overly bearish but there is not much news flow to suggest anything else. We’ll need to see a very quick response in more pain for US shale to stabilise the price and OPEC is still glutting it up, from Yahoo:
Oil prices are unlikely to recover soon as Saudi Arabia’s drive to boost its refining activities is expected to force refineries elsewhere to slow down their operations, thus creating an even bigger glut of unwanted crude oil.
