Oil Jumps On EIA Inventory Data

In the past few days oil prices have been on the slide as aggressive Fed policy has sent the dollar soaring. Earlier today, however, prices reversed the trend prompted by the shutdown of some offshore production in the Gulf of Mexico ahead of Hurricane Ian.

Expectations that OPEC+ will agree oil production cuts at its next meeting next week also served to lend some support to oil prices in the past few days.

There may be more support for oil prices coming soon, too, as demand for the commodity remains robust while supply is not growing. In fact, it’s shrinking, and so is spare production capacity.

1 Like

Oil, oil fund, gasoline weekly charts:

$WTIC (Light Crude continuous contract) weekly chart

$BRENT (Brent Oil Continuous Contract) weekly chart

$USO (US Oil Fund

$GASO (Gasoline Continuous Contract) weekly chart

Screenshot (8697)

1 Like