The US crude futures settle the day at $76.41. That’s up $1.55 or 2.07%.
Although higher, the price still remains below its 200-day moving average at $78.12.
Influences today:
- Early strength in oil prices was linked to reports of Israel firing rockets during the ceasefire and Kazakhstan cutting oil output by over half due to a storm impacting Black Sea shipping.
- Uncertainty about OPEC+ reaching an agreement ahead of their Thursday meeting led to a temporary drop
- Dovish comments from FedsWaller, put pressure on the US Dollar and yields, helping oil prices to peak
Market focus will now be on the upcoming US energy inventory data, with expectations of a crude oil drawdown of 0.9 million barrels, and increases in gasoline and distillates inventories.