WTI Oil closed off Thursday at $82.82, close to a fresh five-month high. Oil traders remain bullish despite recent US stockpile build-ups. The US Dollar Index trades in the green, and could post a fresh monthly high. Any bearish moves in recent weeks were often attributed to the fact that the US was flooding the markets with Oil in order to temper prices.
appears to be falling in favor of the Oil cartel. The US is unable to oversupply markets with oil as it is unable to match the production cuts from Saudi Arabia and Russia. Being forced to restock its strategic reserves, the US is paying a very expensive price in its economic war with Russia and influence the price of WTI Oil?
Source: News Formal (newsformal.com)
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