Oil futures finished higher on Tuesday, recouping a small portion of the price losses seen after three consecutive session declines. The path of least resistance is still higher for oil right now “although the counter-trend pullback is not necessarily over just yet,” said Tyler Richey, co-editor at Sevens Report Research. “Eventually it will be time to ‘sell the recession news’ in oil as demand tends to fall off sharply amid the onset of an economic downturn, but the evidence does not definitively suggest we are at that point just yet, and another run towards $100…is a possibility depending on the news flow and economic data trends in the near term.” November West Texas Intermediate crude
CLX23,
added 41 cents, or 0.5%, to settle at $89.23 a barrel on the New York Mercantile Exchange.
