After a dismal week, which saw Brent losing $6.54/bbl and WTI falling $5.74/bbl some relief was provided Friday afternoon much to the satisfaction of the Fed chair. US job growth slowed more than forecast in April and unemployment crawled up by 0.1% to 3.8%.
There used to be a very pronounced direct relationship between global oil demand and oil prices and consequently an indirect one between the equity markets, which were and still are the trustworthy barometer of the health of the global economy, and oil prices.
When looking back at the performance last week of the various constituents of the oil futures complex, it is difficult not to arrive at the conclusion that it was one of consolidation.
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