US crude futures climb 1% to $83.73 a barrel, which if maintained would be the highest closing price since Nov. 16, 2022. The gains come despite data from trade group API yesterday showing a bearish, 4.1-million-barrel increase in US crude-oil inventories. The EIA's official report is due at 10:30 a.m. ET. The market also has been shrugging off weak economic data from major oil consumer China. "Oil is soon likely to reverse from its upward trend as global demand factors outweigh production cuts and hopes of domestic demand picking up fade," says Spartan Capital's Peter Cardillo. "Nonetheless, a possible move to the $86 dollar level before reversing should not be ruled out." Brent climbs 0.8% to $86.84.
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WTI Oil Rises to a Nearly 9-Month High
US crude futures climb 1% to $83.73 a barrel, which if maintained would be the highest closing price since Nov. 16, 2022. The gains come despite data from trade group API yesterday showing a bearish, 4.1-million-barrel increase in US crude-oil inventories. The EIA's official report is due at 10:30 a.m. ET. The market also has been shrugging off weak economic data from major oil consumer China. "Oil is soon likely to reverse from its upward trend as global demand factors outweigh production cuts and hopes of domestic demand picking up fade," says Spartan Capital's Peter Cardillo. "Nonetheless, a possible move to the $86 dollar level before reversing should not be ruled out." Brent climbs 0.8% to $86.84.