Oil trades comfortably above $90. Although the up move is showing signs of exhaustion, economists at Standard Chartered still expect oil prices to rise towards the $112-$115 region.

Short-term fatigue is setting in

“Negative momentum divergence (higher price associated with lower momentum readings) is a sign that the rally is showing signs of fatigue in the short-term.”

“Any potential consolidation may not be enough to derail the evolving medium-term uptrend. Oil appears to be on its way towards $112-$115.”