Markets are typically closed right this moment however oil traded electronically and it picked up from the place it left off final week. WTI crude climbed for the eighth day in a row, rising 38-cents to $85.93.
Market watchers have been impressed by drawdowns in seen inventories in addition to low inventories of gasoline and diesel. Regardless of OPEC+ manufacturing cuts, US drilling rigs are additionally falling and that reveals that manufacturing self-discipline is lastly coming to fruition.
Within the quick time period, Russia teased final week that the OPEC+ manufacturing settlement can be prolonged this week. The parameters stay unclear however unity among the many group is actually robust, and why would not or not it’s given the place pricing stands.
Technically, quick time period indicators are overbought however this actually appears like a breakout from the vary of the previous 10-months.
Final week, this image from a Forbes commentary was doing the rounds, reminding everybody how fortunate we’re that the shale revolution occurred.