WTI crude climbs above the late-March range after inventory tightening
Oil flirts with a break
$62.27 is the level to watch in WTI crude today.
That was the late-March high and a break above could signal the end of the consolidation period from there to $57.41 over the past three weeks.
Crude is currently trading up $$2.11 to $62.47 and bouncing around on either side of the range.
The latest demand numbers in the US have been strong but there are worries about emerging market demand given the troubling spike in covid cases in India.
The report reveals some internal inventory issues in the US with east coast inventories at a 30-year low. Refinery runs are up to 85% as they look to refine gasoline ahead of peak driving season and following the brief Texas shutdowns.