Brent has reached the threshold of $60 for the first time in more than a year with a mix of elements behind oil’s rally. First of all, the expectation for a quick and full economic recovery (albeit perhaps a little overly optimistic). Secondly, investors are expecting new economic stimulus measures from the US Government. The optimism we are seeing in stock markets, dominated by a remarkable risk-on scenario, is pulling up oil with WTI also just reaching a 13-month-high. From a technical point of view, nothing has changed yet and investors are still betting on further rebounds for both of the main oil benchmarks.
