Crude oil futures settle at their highest stage since November 6

Crude oil futures are settling at $81.26. That’s up $1.54 or 1.93%. The settlement value is the very best since November 6, 2023.

Trying on the each day chart, the value prolonged above the 2024 excessive at $80.67 (from March 6), and in addition by the 50% midpoint of the transfer down from the September cover to the December low earlier than rotating modestly decrease. That midpoint stage got here in at $81.37. Getting again above that stage can be required to extend the bullish bias technically going ahead.

The worth of crude oil is up 13.36% in 2024. Nevertheless, it’s nonetheless effectively under the 2024 excessive value of $95.03.

The IEA’s month-to-month report, raised its 2024 oil demand development forecast by 110k BPD to 103.4 million BPD and helped contribute to the momentum.