Up $ 0.74 or 1.53%
WTI crude oil futures set the week high on the day and are trading at the highest level since February 26, 2020.
The January contract is set at $ 49.10. That’s up $ 0.74 or 1.53%. The high for the day hit $ 49.28. The low extended to $ 48.10.
Last week the price was $ 46.57. The gain of $ 2.53 represents an increase of 5.4% for the week. The contract has a five-game winning streak.
Technically, the next target would come at the natural resistance level at $ 50.
For the February contract, the contract was settled at $ 49.24, an increase of $ 0.70 on the same day
Other highlights of the oil include:
- the contract is in effect for the 7th consecutive week
- Baker Hughes’ recount rose for the 13th time in the past 14 weeks and the 5th week in a row
- Weekly inventory data showed a pullback of -3.135M against estimates of -2.2K. This traced some of the $ 15.2 million built the week before.
The short-term code situation still looks dire from a demand perspective. However, with the vaccines currently being distributed and the hope that in 2021 thinking will start to return to normal, this should be positive for more future demand and potentially higher prices.