Oil prices have continued their inflation higher climbing above 75$ a barrel for the first time since October 2018 amid reports that OPEC+ will increase production by approximately 400k barrels between August and December as the trajectory of global demand prospects continue to accelerate. Notwithstanding, the UAE is expected to make a different proposal amid concerns of an Iranian oil production ramp concurrent with other OPEC+ members with the meeting scheduled to continue today. US stockpiles fell for the sixth consecutive week, to their lowest level since March 20 with an 81-million-barrel deficit from year ago levels, according to the EIA. The market continues to remain bullish trend with today’s range seen between 71.65 – 75.66.

Crude Oil Aug ’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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