Reasons to Be Bullish Despite the Recent Oil Price Crash

Oil prices have been highly volatile over the past week, with Brent trading across a $6.75 per barrel (bbl) range to hit a seven-month low of $75.05/bbl intra-day on 5 August thanks to bearish news coming from the world’s largest economy. The latest U.S. jobs report revealed that the economy added 114,000 jobs in July, way lower than the Wall Street consensus at 176,000 jobs. The unemployment rate increased to 4.3% from 4.1% the previous month, breaking a previous trend where it remained under 4% for the longest stretch in decades. The bearish…