July contract closes up $2.02 or 2.82%
The July WTI futures contract settle at $73.66 that's up $2.02 or 2.82%. The July contract goes of the board tomorrow. The August contract settled at $73.12, up $1.83 or 2.57%.
The price traded to the highest level since October 2018 and is the new cycle high since bottoming in April 2020.
The move higher today took the price above the high from last week at $72.96.
The bullish move to the upside today has been spurred on by increased travel both by the air and on the road as a result of the reopening (air travel saw most passenger since the start of pandemic). Bank of America also came out with a report saying that the price of crude oil could reach $100 a barrel next year as demand outstrips supply.