Oil prices are continuing their advance this morning amidst continued optimism in economic recovery, aided by the prospect of relief and continued vaccine rollouts and the subsequent impact on fuel demand. China and India are leading the Asian recovery move with record refining demand in India, which along with the continued crash in the US Dollar, which broke down to a 21/2-year low on Thursday, has only lent further support. In addition, US inventories fell more than expected coming in by 3.1 million barrels, according to the EIA. The market remains bullish trend but is signaling immediate term overbought with oil volatility (OVX) suggesting a move a lower with today’s range seen between 44.95 – 48.80.

Crude Oil Feb ’21 Daily Chart
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Alexander Turro

Senior Market Strategist
Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.
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