The price of oil climbs to a fresh monthly high ($73.14) following a larger-than-expected contraction in US inventories, with crude breaking out of a descending channel as fresh data prints point to limited supply.
OIL PRICE BREAKS OUT OF DESCENDING CHANNEL TO APPROACH AUGUST HIGH
The price of oil appears to be on track to test the August high ($73.95) as it clears the opening range for September, and the decline from the July high ($76.98) may turn out to be a correction in the broader trend as the Organization of Petroleum Exporting Countries (OPEC) remain on track to boost “overall production by 0.4 mb/d for the month of October 2021.”
