Crude Oil Analysis 12-July-2024

WTI crude oil futures climbed to $82.25 per barrel on Friday, marking the third consecutive session of gains. This rise was fueled by positive market sentiment after US inflation figures were lower than expected.

June’s US consumer prices have boosted hopes for a Federal Reserve rate cut. Traders now see a 93% chance of a rate cut in September, up from 73% on Wednesday. Moreover, strong summer demand is also pushing oil prices higher.

On a four-week moving average, US jet fuel demand is at its highest level for this time of year since 2019. Gasoline demand has reached its peak since 2021. Despite these gains, oil is set to decline over the week, ending a four-week winning streak.

Crude Oil Analysis 12-July-2024