The price of WTI crude oil for April delivery is settling at $78.46. That is up $0.87 on the day. The stories remain the same. On the supply side there is a continued tension in the Middle East. Israel is not backing down on the war. Hamas is being squeezed by military forces.
This week the crude oil inventories surged by 12M barrels. In the UK had negative GDP growth for the second consecutive quarters. US retail sales were weaker than expected. Will global growth slowdown decreasing demand?
Prices are closing near the 100 and 200-day moving averages. For the week, the price is up around 1%