Up nine cents or 0.13%
The price of WTI crude oil futures are settling at $68.59. That's up nine cents or 0.13%.
The high price reached $69.24. The low extended to $67.12.
OPEC+ announced as per the broad consensus that they would stick to the plan to hike output by 400k bpd in October.
Separately, record demand is boding well for future price increases (see Adam's post here).
The weekly EIA US weekly oil inventories talked to that idea. Crude oil inventories showed a larger than expected drawdown of -7169K vs -3088K expected.
Looking at the daily chart, the price has traded above and below its 100 day moving average today at $68.28. The price is settling above that moving average at $68.59. If the price can start to stay more above the 100 day moving average a move away (get above the $70 level). We should see more buying momentum.
