WTI Unevenly Traded Around $82.00

`Crude oil prices have been uneven during recent trading but continue to trade with a positive bias on the day.

Front-month futures contracts for the U. S. WTI, currently trades close to $82.00/barrel, having swung between the $81.30-$82.60 at various points throughout the U. S. session.

WTI currently trades with on-the-day gains of about 60 cents or a little under 1.0%. To the upside, the next notable area of resistance is last Thursday’s high in the $83.30s, while, to the downside, the next notable area of support is last week’s low at around $78.30.

A few factors support crude oil prices at the start of the new week, including the the $550B infrastructure investment package resulting in improvement of U. S. growth and oil demand, in addition to news over the weekend that the Saudi Arabian’s had topped the Official Selling Price (OSP), which indicates strong demand.

These factors include also better-than-expected Chinese export growth figures over the weekend, which suggest strong global demand prior to winter holidays and an easing of supply chain woes and finally further signs that global jet fuel demand is set to rebound back to pre-pandemic levels as countries reduce travel restrictions.

Starting Monday, 8 November, the U. S. allows fully vaccinated travels to visit quarantine free from the E. U., U. K., China, India, Brazil and more and travel booking are reportedly rising.