Oil is trying to rally despite the fact that Chinese manufacturing is showing a significant contraction. Perhaps the reason is that it increases the likelihood that the Chinese government, which has been putting the squeeze on the banks, will lighten up.
For oil, despite yesterday's tipper taper rally parade the market still has to overcome the fact that supply in the U.S. is overwhelming. Brent crude, though, is a bit more delicate and led the rally higher.
Should old acquaintance be forgot, and never brought to mind? Not when it comes to oil. Once again it appears that oil is getting ready to ring in the New Year with an invigorated bull run. Happy Bull Year!