WTI crude oil futures settled at $97.01 that's up $3.95 or 4.24%

The price of WTI crude oil is settling at $97.01. That is the highest since July 29. The settled price is also back above the 200 day MA at $96.02. Reasons for the rise?

• Clashes in Libya threaten supply
• Meeting with OPEC+ is also a concern as Saudi threathens production cuts

Recent inventory data showed larger drawdown Drawdown In financial trading, the drawdown represents the amount of money a trader can lose or has lost, following a series of losing trades. This is measured from the high of the trader’s capital to its low, over a given period of time. This is usually expressed as a percentage of a trader’s account. The current drawdown is simply the amount of money a trader’s balance has been reduced by in a given time, without necessarily closing out at that point.For example, if a trader placed an initial deposit o In financial trading, the drawdown represents the amount of money a trader can lose or has lost, following a series of losing trades. This is measured from the high of the trader’s capital to its low, over a given period of time. This is usually expressed as a percentage of a trader’s account. The current drawdown is simply the amount of money a trader’s balance has been reduced by in a given time, without necessarily closing out at that point.For example, if a trader placed an initial deposit o Read this Term of inventories. A counter to the upside is a potential nuclear deal with Iran which could add 1M BPD to the market. If you want to get more info. visit ForexLive.com.