Crude oil prices have bounced off their worst levels amid profit-taking after falling for the third consecutive day. Oil prices have given back a significant chunk of their gains made over the past couple of weeks.
Fed Chair Jerome Powell shook the markets by stating the obvious. Powel said that ”every participant in the FOMC submits a projection of what they feel is going to happen to the economy and also their projection for appropriate monetary policy.
On Tuesday, crude oil hit a fresh 2018 high of $64.89 per barrel, but then reversed and declined very quickly, erasing most of Friday increase. What encouraged oil bears to act and how did this decline affect the short-term picture?