Oil extends rally

WTI crude futures climbed 1% to above the $78 per barrel mark on Thursday, extending their winning streak. During today's session, price reached the highest level since January 3rd, even despite a gigantic increase of US inventories of nearly 20 million barrels, recorded by EIA yesterday!

However oil is reacting to a weaker dollar and the prospect of lower rate hikes. Moreover, the DOE recently tried to buy oil to replenish reserves, however did not accomplish its target as the price was too high (or low quality). Recently, the US authorities suspended the plan to sell 155 million barrels, which was supposed to take place in 2024-2027. What's more, today Congress decided to ban the sale of oil reserves to China! This is important information that may increase demand for oil.

OIL.WTI price approaches 25 SMA. Source: xStation5

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Commodities

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Oil extends rally

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