Oil finishes the day strong to end $1 higher as it caps fourth straight week of gains

July 3, 2024 7:25 pm

There are strong signs of travel demand in the US this 4th long weekend, with air bookings setting records. Combine that with a big draw in US inventories in today’s report and a hurricane in the Atlantic and gold finished the week strong.

There was something of a ‘sell the fact’ trade immediately after the 12 million barrel inventory draw but WTI steadied at $82.50 and climbed more than $1.30 from there to settle on the highs.

The weekly chart shows some consolidation, despite four weeks of gains.

WTI crude oil weekly

I think there are looming signs of a cyclical slowdown — including today’s ISM services number — but for now the focus is on a tighter market due to OPEC+ delivering on production curbs.

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