Does Oil Have Room To Rally?

U.S. West Texas Intermediate crude oil futures are trading slightly better on Friday after posting a steep sell-off the previous session. The strength is probably just a knee-jerk reaction to increased demand for risky assets after stocks plummeted on Thursday. Despite the marginal strength, the market is still trading lower for the week and in a position to form a technically bearish closing price reversal top that could signal the start of a 2 to 3-week correction. Second Wave of COVID-19 Cases Raises Demand Concerns Crude oil futures are being…