The revival of oil today is easily explained by short-term market reasons. Deliverable futures on the NYSE, where WTI is traded, expire today. Three months ago, this event caused a price collapse and a short-term dip of some futures into negative territory. Now, on the contrary, the increased activity of traders with short-term oil contracts pulls prices up.
These short-term factors force us to evaluate the prospects for further strengthening of prices with intense attention or extra attention. Three months ago, this event became a turning point for the markets.
The FxPro Analyst Team