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Crude Oil Hitting Best Levels Since Early September

COMMODITIES

Both WTI and Brent crude oil futures hit their best levels since early September early Wednesday, rising in spite of a moderately stronger greenback and the increased supply coming on from Libya. Countering these bearish elements are last night's API inventory numbers, which showed a considerably larger draw on reserves than expected.

Reports this morning see Libyan supply at the highest levels since January, with the back-online Sharara and Waha fields contributing to output of over 1.1mln bpd.

Libyan output running at over 1mln bpd will add pressure to OPEC+ members, who continue to float the idea of an extension to their output cut pledge in an effort to sustain crude prices.

MNI Tech flags $43.84, the Sep 2 high, with the key bull trigger resting above at $44.33, the Aug 26 high.

Energy BulletsCommodities
Energy BulletsCommodities

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