Oil prices are on fire
2023-09-28
Summary:
WTI crude jumped nearly $1 a barrel on Thursday to its highest in more than a year as a steep drop in crude stocks in the US added to supply jitters.
WTI crude jumped nearly $1 a barrel on Thursday to its highest in more than a year as a steep drop in crude stocks in the US added to supply jitters.
The benchmark jumped more than 3%, resuming its torrid rally. Brent crude also closed more than 2.5% higher amid speculation of $100 in the coming months.
US crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, far exceeding a drop of 320,000 barrels expected in a Reuters poll.
Russia announced on Thursday that it had temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect in order to stabilise the domestic market.
China's major industrial firms saw their profit rebound strongly in August, surging 17.2 percent from a year earlier, in the latest sign of a sustained recovery in the world's second-largest economy in favour of fuel demand.
Earlier this week, Goldman Sachs said higher oil prices are a ‘manageable’ headwind for the US economy, though the firm lowered its GDP forecast fractionally.
A surge in WTI prices indicates a potential continuation of its prior short-term bullish movement above the 20 MA until we see a retracement below resistance-turned-support around 90.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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