Market signals are suggesting the oil rally has momentum, as oil prices climbed this week above their longer-term average for the first time in 2019
Closely watched indicators in the oil market are boosting confidence that prices can continue to rebound, sparking bullish bets by investors ahead of the summer driving season.
Crude prices are eclipsing levels that they struggled to top in recent months. U.S. oil recently broke through $60 a barrel, and Brent—the global benchmark—is fast approaching $70. Crossing these crucial psychological levels could lure more investors into the market, analysts say.
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