Oil prices ramped up more than 2% early Thursday as OPEC+ held onto output increases of 400k barrels per day despite outside calls and pressure from the United States to raise output. Japan and India had also joined efforts by the US in order to curb energy prices. Crude stocks increased 3.29 million barrels with stocks increasing 20.13 million barrels over the last 6 weeks. Stocks are now -50.32 million barrels below last year and 26.92 below the five-year average, according to the EIA. US refinery rate increased 1.20% and along with strong global demand for diesel continue to support. The market remains bullish trend with today’s range seen between 80.35 – 85.72. 

Crude Oil Dec ’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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