Earlier today I wrote about positive May seasonals for oil and why oil bulls shouldn't give up yet.
That proved to be a well-timed post as crude oil has sing jumped. It settled up $2.02 to $76.78 after falling as low as $73.80. That turn was just enough to end a six-month losing streak along with a streak of 9 losses in the past 10 months.
Still, oil was lower on the week and remains in the middle of the range since the start of December. In the past six weeks, it's tried to break both to the downside and the upside as it frustrates both sides.
WTI crude oil weekly