Oil passed its first test of $80.
WTI was trading at $80.88 earlier, but reversed to settle near the day’s highs of $83.34. This was aided by improving risk appetite, a weak US dollar and the threat of additional sanctions against Iran.
oil daily
Private oil stocks are expected after the U.S. close, with consensus on an increase of 1.8 million barrels of oil as well as draws of 1.4 million barrels of gasoline and 900,000 barrels of distillates. We are talking late about a withdrawal of 4 mb/d of crude, which could also explain part of the enthusiasm.
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