Crude oil has shown great resilience in the face of unsupportive data over the last month, bolstered by traders' optimism that central banks will prime the economic pump yet again by printing more money.
Even traders who acknowledge that sentiment may have lifted crude temporarily out of alignment with fundamentals say they have to keep buying. Momentum can be friendly, after all.
The trick, of course, is knowing when to stop chasing the crowd, because when sentiment shifts, the reckoning can be brutal.
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