WTI Crude Oil prices were up today, after crude inventories registered a larger than expected drawdown, coupled with production reduction from OPEC+. The price at the time of publishing is $82.59, up 1.19% from yesterday.
Driving the price in September could be a decision made earlier today by Saudi Arabia the leading member of oil producing block OPEC. A voluntary oil production cut of over 1 million barrels daily likely drove today’s rise in WTI prices and comes after similar decisions from the block itself, as well as Russia.
Compounding this development was news about a coup in oil rich Gabon, which might threaten oil production in the country.
Where do you think oil prices will be at the end of September? Let us know in the comments and make sure to leave a like if you found our crude oil analysis useful.
Chapters:
00:00 Intro
00:35 WTI Crude oil news update
05:44 WTI crude oil technical chart analysis
10:48 Recap
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2 Comments
OIL GOING HIGHER THE STORAGE IS CUSHION OK IS DROPPING THE TREND IS EVERY WEEK A 3 MILLION BARREL DECLINE I OF THESE WEEKS OIL WILL JUMP A FEW BUCKS I ONE DAY ON TO $90 AND $100 BY EOY.
I think fed's soft landing is working