Crude oil futures settled $71.71. That’s up $0.51 or 0.72%.
The gains came despite a surprise jump in U.S. crude inventories, which rose by 6.2 million barrels last week according to the EIA, compared to analyst expectations of a 2.1 million barrel drawdown.
The market’s focus appears to be shifting toward geopolitical risks, including new supply from OPEC+—which is gradually tapering production cuts with 138,000 barrels per day of added supply this month—being largely offset by tighter U.S. sanctions on Iran and Venezuela.
Additionally, President Trump has threatened secondary tariffs on nations purchasing Russian oil and is set to unveil a broad slate of new tariffs on Wednesday afternoon, aimed at raising $600 billion annually.
Technically, the story remains the same with the price low today at $70.61 stolen near its 100-day moving average at $70.66. On the top side the price remains below its falling 200-day moving average at $72.66. A move outside of those moving average extremes should solicit more momentum in the direction of the break.
Crude oil
