The focus in commodity markets today is undoubtedly on previous metals but oil is trading at the best levels since August 6. WTI crude is up $1.65 to $65.66 in volatile trading that saw a $1 selloff and recovery in US trade.
Time spreads are widening today and that’s helping the supply/demand picture. In geopolitics, the US is leaning on Europe to cut off Russian oil altogether while India and Russia grow closer.
In the Middle East, the imposed further sanctions on a network of tankers carrying Iranian oil.
Looking ahead, OPEC+ will meet on Sunday and it should be the first meeting in awhile where fresh barrels aren’t added.
Technically, there isn’t much standing in the way of a return to $70 if today’s highs break.
This article was written by Adam Button at investinglive.com.
