Yesterday, on august 15th, crude oil prices increased considerably in London and New York. Brent oil gained 2% up to $116/b while WTI oil appreciated by 1% up to $94/b.
The situation in the market of crude futures looks as follows:
The September Light, Sweet Crude Oil futures contract costs $94,33/b in New York (NYMEX). The latest trading range is $92,68-94,90/b
The September IPE Brent Crude futures contract costs $116,25/b in London (InterContinental Exchange Futures Europe) The latest trading range is $113,49-116,72/b.
The major reason f yesterday’s oil rally was a decline in the US oil reserves. According to the latest report published by the EIA, the reserves shrank by $ or 1 or 3,7 million barrels.
The chart below, courtesy of , reflects the current state of affairs in the market of Light, Sweet Crude Oil. The recent rally can be viewed as the beginning of wave 5. The key support levels are located at 92,62-92-91,67.
