The Case For $50 Oil

The oil markets appear to have successfully scaled a major wall of worry, with oil prices rebounding to multi-year highs. Brent crude settled near a three-year high at $77.25/bbl, its best level since October 2018, while WTI closed Thursday trading at $73.30/bbl, scoring the highest settlement since July. Behind the bullishness is growing optimism that looming debt trouble at China Evergrande Group (OTCPK:EGRNF) (OTCPK:EGRNY) can be contained, coupled with a lack of any hawkish surprises by the Federal Reserve. The Fed recently announced its tapering…