Crude oil futures are settling at $81.26. That is up $1.54 or 1.93%. The settlement price is the highest since November 6, 2023.
Crude oil settles at highest level since November 6
Looking at the daily chart, the price extended above the 2024 high at $80.67 (from March 6), and also through the 50% midpoint of the move down from the September hide to the December low before rotating modestly lower. That midpoint level came in at $81.37. Getting back above that level would be required to increase the bullish bias technically going forward.
The price of crude oil is up 13.36% in 2024. However, it is still well below the 2024 high price of $95.03.
The IEA’s monthly report, raised its 2024 oil demand growth forecast by 110k BPD to 103.4 million BPD and helped contribute to the momentum.