After oil prices dropped about $10 a barrel since this spring, they now appear to be on an upward trajectory, despite continued fears that the trade war will cause a recession or that the imbroglio between Iran and President Trump will reduce supplies. From $51 three weeks ago, WTI has recovered to about $56. Of course, given that this is the last week of August, just before Labor Day, it is easy to dismiss the move as based on thin trading by second-tier traders.
Examination of a number of the financial indicators suggests the move is soundly based, at least as much as any oil price move can be.
Reabold Resources plc (LON:RBD) is an investor in near-term, high growth upstream oil & gas projects where an injection of its capital facilitates near-term activity. Reabold’s assets include Monroe Swell, West Brentwood & Grizzly Island, in California, US.