The WTI crude oil futures are settling at $78.26. That's up $1.09 or 1.41%. The low price reached $76.26. The high price was at $78.49.
Technically the price moved back above its 200 day moving average at $78.45 intraday after trading below it for the 1st time since July 24 last week.
The price has now settled below that moving average for 5 consecutive days. It would require moving and staying above the 200-day moving average to give the buyers some hope.
The rebound in prices today was supported by a shift in risk sentiment during the U.S. session and a need for consolidation following three consecutive weekly losses for oil benchmarks.
OPEC's latest monthly report also provided some support, as it upgraded the 2023 world oil demand growth forecast by 100,000 barrels per day (BPD) to +2.5 million BPD while maintaining its 2024 forecast at +2.2 million BPD.
