The Nymex crude oil market is trending up and last week hit a seven-month high, basis February futures. Crude oil bulls have the solid near-term technical advantage, but there are stiff chart resistance levels just above the market that could stop the uptrend. Importantly, crude oil is arguably the leader of the raw commodity sector. Oil’s recent strong rally has also helped to lift other commodity market sectors, including grains, softs and metals. The raw commodity sectors has a bit of a head of steam heading into the new year. Part of the optimism is due to ideas of better global economic growth in 2020, as the world’s two largest economies (U.S. and China) appear to be on the mend from their two-year-old trade war. Stay tuned!–Jim