WTI crude registered its highest quarterly performance of more than 91% and is trading at its highest level since early March but is still down over 34% from the start of the year as the market assess enhanced demand prospects, despite recent reports of lowered Chinese imports as well as ongoing fears of corona lockdown in the U.S. This comes amidst data showing U.S. crude stockpiles fell more than expected from a record high last week as refiners increase production and imports ease. Prices have been buoyed by recovering fuel demand and supply cuts from OPEC plus, with some focus on the upcoming U.S. holiday driving activity as well as how expeditiously U.S. producers revive shut in production as U.S. companies and OPEC producers start to increase output due to higher prices. Oil has now transitioned to bullish trend as the reflation ramp up continues with today’s range seen between 36.92 – 41.22.

Crude Oil Aug ’20 Daily Chart
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Alex 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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