The price of WTI crude oil futures are trading back above the $118 level at $118.15. That's up about $1.30 on the day. The high price for the week was reached on Tuesday at $119.96 just short of the natural resistance at $120. T
The low price reached yesterday came in at $111.23. That decline came soon after the OPEC+ announced that they would increase production to around 650,000 barrels which was higher than expectations. However, later the inventory data showed a larger than expected drawdown of inventories of about 5.5 million barrels.
Looking at the hourly chart, the move to the upside has taken the price above a swing ceiling near $117.78. That level is now close risk for buyers looking for more upside. A move back below would be a disappointment on the break.
