Strong Economic Data Boosts Bullish Sentiment in Oil Markets

The bullish case for oil prices was strengthened dramatically this week, with strong U.S. economic data helping to push Brent well past the $80 mark.  Friday, January 26, 2024The stronger-than-expected performance of the US economy has boosted oil prices to their highest level this year, not many analysts were expecting a 3.3% GDP growth in Q4. Continuous Houthi strikes in the Red Sea and surging product freight rates have added impetus to the bullish cause, and even China’s timid reaching out to Iran to rein in the Yemeni…