December 4, 2022

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WTI crude touches $73.60 — the highest in two weeks. What’s next

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US oil at the best levels since July 14

Oil continues to flash signs that demand is outpacing supply. The latest US driving and inventory data points to a market that’s persistently undersupplied.

US oil at the best levels since July 14

The price action in oil argues the same thing. After the rout on July 19, there has been a persistent bid in crude with dips finding buyers.

oil chart

I like the look of this chart and the drop in oil last week relieves some overbought conditions.

For the bulls, the risks around OPEC are out of the way until year end. On the Iran front, relations appear cool and it’s not a near-term risk.

WTI settled up $1.23 to $73.62.

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