WTI breaks $50 to highest since October
The break of $50 is a milestone for oil bulls but it's not a technical turning point. Three days of gains have pushed oil to the best intraday level since October 12 but it's the Oct 9 intraday high of $50.92 that's the level to watch.
What's most impressive about the last push higher in oil is that it happened with a generally stronger US dollar and a hawkish Fed. That dynamic may be tough to sustain over time but at the moment it shows that the uptrend since February is solid.
In terms of headlines, a panel of OPEC members who meet ahead of the June 2 see conditions improving, according to Reuters, who cite a delegate. The higher prices are likely to end talk of a freeze, at least for now.
Another spot to watch is China. Shares fell 1% intraday on waning corporate profitability before a late rebound.