The price of WTI crude oil futures are settling at $81.80. That’s up $1.22 or 1.51%
Although Chinese PMI data was week, they later gave assurances of upcoming consumption support from Chinese government departments.
Reuters monthly OPEC poll revealed a fall in July output by 840,000 BPD to 27.34 million BPD. Analysts also lowered oil price forecasts for the third consecutive month: WTI is projected to average $77.20 per barrel, down from $78.38.
Technically, the price moving closer to a key ceiling area is between $82.48 and $83.44. A move above that area (see yellow area and read number circles) would increase the bullish bias technically.
For the month of July, the pair rose close to 15.8%. That is the best month since January 2022 when the price rose 17.21%.