Crude oil closes higher on the week
The price of WTI crude oil futures are settling at $109.77. That is up $1.51 or 1.39% on the day.
The high price reached $111.18. The low reached $107.24.
A week ago the price closed on Friday at $104.69. Versus the settlement price today that is a gain of $5.08 or 4.85% for the week. The high price reached $111.37 yesterday. The low for the week was $100.28 on Monday. The high price this week fell short of the 50% midpoint of the move down from the March 2022 high at 111.75. Get above that level, would open the door for further upside momentum (if the price can stay above).
OPEC this week increased production by 432K barrels at their monthly meeting but they have also been having trouble meeting those production levels. Russia embargo will just tighten supply even more.
The good news is if the global economies slow from central bank tightening, fiscal tightening, higher inflation, Ukraine war, Covid lockdowns in China, etc, that could ultimately impact demand after the euphoria from re-opening is over.