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WTI crude climbs above 50% retracement of the recent swoon


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Oil up 2.6%

Oil has ended a six-day losing streak in style.

WTI crude is up $1.61 to $69.14 after it formed a base above $67.00 and then jumped in New York trade.

The EIA cut its US 2018 oil output forecast fractionally and lowered its 2019 estimate to 11.5 mbpd vs 11.7 mbpd.

Florence isn’t going to hurt oil production but gasoline demand in the range of the hurricane’s path has spiked and its caused price spikes in the storm’s area. The big driver of oil is likely a series of reports saying Iran is having trouble finding buyers for its crude.

Technically, WTI is above the 50% retracement of the recent swoon. The 61.8% level is at $69.67.

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