Oil futures rose Wednesday, with the U.S. benchmark posting a nearly 11-month closing high, as crude found support from continued supply disruptions, China import data and a decline in crude inventories.
On the New York Mercantile Exchange, West Texas Intermediate crude for July delivery CLN6, +2.32% rose 87 cents, or 1.7%, to settle at $51.23—the highest close for a nearby contract since July 15.
August Brent crude LCOQ6, +2.49% the global oil benchmark, rose $1.07, or 2.1%, to finish at $52.51 a barrel on London’s ICE Futures exchange, its highest close since October.
JoshuaMS7Fundamentally oil price is uptrend now. Maybe currently is the historical lowest now! Buy signal is coming!!
JoshuaMS7Short term tp 2.00, Long Term tp should more than 4.00. Hehe ..
PeterNgExpert said "Crude OIL price will be at range of $52-55 for the 9 months period".
haikeyilawith more build-ups in inventory they will soon be forced to sell vessels at a loss. And also give discount to the Mexicans. hmmm...feel like they could break their historical low this time around.