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WTI crude oil snaps back to $72

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Impressive rebound

The low in WTI crude yesterday was $69.79 but it has bounced all the way back to $72.00 including more than $1.50 in the past hour or so.

The resilience in oil has been impressive. Yesterday was the first real setback in nearly a month and I would have expected some follow through. Instead, crude has quickly bounced.

Note though that this is still an inside day and it would need to get over $72.30 to clear yesterday’s intraday high.

Impressive rebound

The next OPEC+ meeting will be on July 1.

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