What a ride for oil bulls today.
It fell $2 in short order on a report that UAE was mulling leaving OPEC. That dip didn't last long as the dip buyers waded in and the rally was complete when a pair of denials crossed. That might have been a cue for profit taking but crude has stayed strong on optimism about the global economy in the aftermath of the China PMIs this week and today's ISM services data.
RBC had a bullish update on China demand as well:
"Our China flight model, which scrapes future flight schedules, suggests that aggregate flight activity for the year is on track to clock in at +15% above 2019" up from +5.2% just two week ago in the last update.
