July 10, 2024 at 07:59PM
The price of WTI crude futures are settling at $82.10. That is up $0.69 or 0.85%.
The gains come after three consecutive losing sessions, and was driven by a bullish OPEC demand forecast and a significant drop in U.S. inventories.
The EIA reported a 3.4 million-barrel drawdown in U.S. oil inventories, surpassing the expected 1.3 million-barrel draw.
Meanwhile, OPEC maintained its 2024 demand forecast, predicting a rise of 2.2 million barrels per day over 2023, higher than other agencies’ forecasts.
Looking at the daily chart, the price low today reached $80.81. That was just $0.19 short of the next target at $80.62 (see redline and read number circles – see post from yesterday by clicking here). Buyers leaned early ahead of the swing level target.
Is the low in place now? Close support that would give buyers more confidence now would be in the price stayed above the 61.8% at $81.84. If that level can hold in the short term, the buyers are back in full control.
This article was written by Greg Michalowski at www.forexlive.com.
