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Oil (WTI) trades at $79.86 and holds cards to close back above $80. The US Dollar strength is rolling through markets in the wake of Powell’s speech later this Friday. The surprise draw down from Wednesday is seeing follow-through on Thursday and Friday. Oil prices are off the low as a double bottom got formed on the back of the big drawdown beat from the oil figures past Wednesday. The WTI Crude Oil price has seen a double bottom being formed at $77.53 with both Wednesday and Thursday price action bounce off of that level. This morning headlines out of Russia are pushing prices back up again as suddenly supply to the market is starting to slow down a touch. Crude will be closing off the week with the Baker Hughes US Oil Rig Count. Last week the print of 520 was the lowest since February of 2022. Although Franklin did not really pose a threat to the Texas basin, a further decline in rig count numbers could underpin price action even further in Crude prices. At the time of writing, Crude Oil (WTI) price trades at $79.86 per barrel andBrent Oil at $83.85. Oil news and market movers […]
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