Crude oil is above its 200 day MA at $96.02.
The price of WTI crude oil is settling at $97.01. That is the highest since July 29. The settled price is also back above the 200 day MA at $96.02. Reasons for the rise?
- Clashes in Libya threaten supply
- Meeting with OPEC+ is also a concern as Saudi threathens production cuts
Recent inventory data showed larger drawdown of inventories. A counter to the upside is a potential nuclear deal with Iran which could add 1M BPD to the market. If you want to get more info. visit ForexLive.com.
