The price of WTI crude oil futures are settling at $116.87. That is up $1.61 or 1.41%. The gain comes despite OPEC+ agreeing to raise output by 648K barrels in July and August.
The increase initially sent the price lower. The low reached $111.20 but quickly rebounded.
Later when the weekly crude oil inventory data saw a much larger than expected drop -5.065M (vs -1.35M estimate), more buying ensued. The high price extended to $117.56
Looking at the hourly chart, the price low today dipped below the 50% of the move up from the May at $111.61. However after rebounding back above the 200 hour moving average on the same bar, sellers turned the buyers and ultimately pushed back through the higher 100 hour moving average currently at $115.70. The high price from yesterday at $117.87 is next upside target.
