Oil has continued its advance moving to its highest price since March, rallying nearly 10% in the last four sessions on ongoing vaccine optimism suggesting a turn in economic recovery and subsequent boost in fuel demand. In addition, further support may have been drafted from reports that Chinese oil demand in October rose nearly 1% higher than year ago levels. OPEC+ are set to meet Nov. 30 to Dec. 1 with an expectation of a rollover of cuts of at least 3 months from January. Weekly inventories came in with a surprise jump of 3.8 million barrels. Fueling more of the optimism is that the market is now in backwardation signaling higher expected consumption.  Oil continues to remain bullish trend as it takes its inflation higher with today’s range seen between 40.98 – 45.75.

Crude Oil Jan ’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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