So much for psychological barriers.
With focus increasingly on the broader economic picture and how this will affect demand, crude’s rise above $50 has raised little excitement among analysts. Recent falls to the low $30s were seen as partly a function of storage problems at Cushing. Tightening supply from Opec and less deliberate reductions from non-Opec producers is of interest.
But all of this secondary to the bigger macro economic picture. Some analysts have pointed to signs of demand stabilising; but growth forecasts are still meagre.
