Today, the global market of crude oil has been bullish.
In particular, the price of the Brent futures for January delivery has increased by $0.16 (or 0.15%) up to $109.99/b. The price of the WTI futures for January delivery has increased by $0.02 (or 0.02%) up to $86.77/b.
The US crude stock are down almost by 2 million barrels. The gasoline stocks have declined by 4.8 million barrels.
Today, investors are waiting for the EIA to publish its weekly oil report. This report always has a major impact on oil prices. Therefore, it is better to wait for the report in order to define in which direction oil prices will move in the near future.
At the same time, the instability in the Middle East is a major bullish factor for oil prices.
The chart below, courtesy of , reflects the current state of affairs in the market of Light sweet Crude Oil:
