Later today at 14:30 GMT the EIA will publish its “Weekly Petroleum Status Report” and following last nights update from the American Petroleum institute, the market is looking for a fifth consecutive draw in crude stocks with 2.6 million being at Cushing. Result can be found on my Twitter @ole_s_hansen.
Increasingly, however, the oil market focus will turn to next week’s OPEC+ meeting, and through the actions or inactions of the group the market will be sent a clear signal whether its price stability through raising production or higher prices that the group will be seeking. Once again we may find Russia and Saudi Arabia on each side of the argument, but as per usual and as we grown accustomed to in recent months, the group will undoubtedly find a compromise that suits both sides.
WTI comment from our technical analyst Kim Cramer
In the short-term WTI crude oil continues to trade within a rising channel, and the uptrend will stay intact as long the price stays $69.75.
On a slightly longer-term chart we can see WTI is nearing strong resistance towards $77, the 2018 peak. If penetrated it may extend its 5 wave all the way to around $85. RSI seems to building up divergence but the jury is still out as to whether the uptrend has reached a level of exhaustion.