A Correction For WTI Is In The Making

U.S. West Texas Intermediate crude oil surged to the upside on Monday, setting a bullish tone for the week. The catalysts behind the price action were renewed speculative bets on further strength amid the OPEC-led production cuts and a decline in U.S. drilling activity. The rally continued throughout the week with the futures contract exceeding highs last seen on November 28, 2014, the day after OPEC’s decision to cut production in an effort to trim the excess global supply and stabilize prices. The catalyst behind this move was another weekly…

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