After oil prices dropped about $10 a barrel since this spring, they now appear to be on an upward trajectory, despite continued fears that the trade war will cause a recession or that the imbroglio between Iran and President Trump (“I’ll see your limpet mine and raise you two tweets”) will reduce supplies. From $51 three weeks ago, WTI has recovered to about $56. Of course, given that this is the last week of August, just before Labor Day, it is easy to dismiss the move as based on thin trading by second-tier traders.
