Up 2% on the day
The price of Brent crude oil futures to $50 a barrel for the 1st time since March. The price of WTI crude oil futures are also higher with the January contract up $1.24 or 2.75% of $46.77. The high in crude oil is the highest since March 6. The price is also above the 61.8% retracement of the 2020 trading range. That level comes in at $46.43 (see chart below).
The rise in oil prices comes after a much higher than expected build in inventories yesterday in the US of over 15 million barrels. That was the largest increase since April and 1 of the largest increases on record.
The rise also runs counter to the concerns about Covid accelerating and further Covid restrictions. On the opposite side is the advancements and the vaccines.
