WTI crude is now higher on the week in quick reversal

Yesterday's swoon nearly erased

Oil plunged in early trading yesterday on China covid fears but physical buyers may be stepping in once again in a sign of the deficit in the market.

WTI is up $$2.25 to $68.80. That's after closing at $68.28 on Friday and then falling to $65.15 at the lows yesterday.

This quick rejection of the lows and rise back above the 100-day moving average at $67.14 is constructive. The price action and further rejection of the $64-65 zone to me highlights that we're in a period of consolidation.

With the move in crude, the loonie is also catching a bid.

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August 11, 2021 at 02:11AM
Adam Button
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