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.
The next OPEC+ meeting will be on July 1.