Oil Rallies, But Don’t Call It a Comeback

摘要

Oil futures rallied on Tuesday, but several traders said the bounce was to be expected and that risk remains skewed well to the downside in terms of balances and sentiment. “Technically, today's market is what a ’dead cat bounce’ looks like,” said one analyst. “This market is retesting valuations and has not yet figured out what the real price is. But this market is really discounting prompt oil, and that signals dramatic oversupply.”