The WTI crude oil futures price stands at $109.77. That’s up $1.51 or 1.39% on the day.
The high price reached $111.18. The low reached $107.24.
A week ago, the price closed Friday at $104.69. Compared to the settlement price today, this represents a gain of $5.08 or 4.85% for the week.
The high price hit $111.37 yesterday. The low for the week was $100.28 on Monday.
This week’s high price has not reached the midpoint of the 50% decline from the March 2022 high at 111.75. Breaking above this level would open the door for further bullish momentum (if the price can stay above it).
OPEC raised output this week by 432,000 barrels at its monthly meeting, but it also struggled to meet those production levels. The Russian embargo will only further tighten the supply.
The good news is that if global economies slow due to central bank tightening, fiscal tightening, rising inflation, war in Ukraine, Covid lockdowns in China, etc., it could ultimately impact demand after the reopening euphoria subsides.