Oil prices are continuing their advance towards $60 a barrel as the vaccine rollout efforts continue to encourage the prospect of enhanced fuel demand, despite the expectation that consumption will not reach pre-pandemic levels. Support has been garnered by ongoing supply cuts by major producers as OPEC+ reiterated their commitment at their policy meeting on Wednesday. In addition, weekly inventories showed oil stockpiles fell to 475.7 million barrels, the lowest level since March with refinery utilization rates edging higher. The market remains bullish trend but is signaling immediate term overbought with today’s range seen between 52.02 – 57.22.

Crude Oil Mar ’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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