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Crude oil strengthens over $79.09, weakens under $78.57

Mohamed Abdelhamid 6 October, 2021 7:57 pm Commodities, Market Update

U.S. West Texas Intermediate crude oil futures are trading a little better Wednesday after hitting its highest level since 2014 the previous session. Global concerns about energy supply on signs of tightness in crude, natural gas and coal markets still persist.

At 05:26 GMT, December WTI crude oil is trading $78.79, up $0.22 or +0.28%. Gains are capped by a U.S. inventory report that showed some signs of slowing fuel demand. Late Tuesday, the American Petroleum Institute (API) reported U.S. oil inventories rose by 951,000 barrels in the week to 1 October.

The main trend is up according to the daily swing chart. A trade through $79.09 will signal a resumption of the uptrend. A move through $72.82 will change the main trend to down.

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