Crude oil is up today
The Iraqi official is on the wires saying:
- OPEC should discuss how to make up for dropping Iranian oil supply
- Oil market will face a supply shortage post Iran sanctions
- OPEC to discuss in December whether producers can compensate for a sudden drop in Iranian oil supply
The price of WTI crude oil is up $1.20 or 1.75% at $69.72 and trading at the highs for the day.
Earlier today, the DOE announced a bigger than expected fall inventories of -2566K vs -1487K estimate. The private data showed a surprise build of +38K (something off there).
The price moved above the 100 day MA last week but has traded above and below over the last 4 days. Today, the price is moving further away and looks to test the 50% at $69.83. At the lows this month, the price bounced off the 200 day MA (green line in the chart below).
