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Buy the fact.  WTI crude oil comes in at $ 78.50.

up $ 1.75 or 2.28%

The price of WTI crude oil stood at $ 78.50, up $ 0.175 or 2.28%. This increase comes despite the coordinated release of strategic oil reserves from the United States, India, China, Japan, the Republic of Korea and the United Kingdom. This coordinated movement is the first of its kind.

In total, the United States will release 50 million barrels of the SPR of which 32 million barrels will be traded in the coming months, and 18 million barrels, an acceleration of a previously authorized sale.

The sell is only a small amount and the markets have responded with an upward “buy the fact” movement.

Looking at the hourly chart below, the high price rose to $ 78.84. It was just short of the MA down 100 hours to $ 78.94 (green line). The price came in just below 38.2% at $ 78.64.


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