WTI soars and climbs to six-week highs above $ 72.50

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  • Oil prices continue to advance in the American session.
  • WTI climbs 2.50% and reaches highs since the beginning of August.

Oil prices accelerated the upward trend after the beginning of the American session and after economic data from the United States.. A barrel of WTI climbed to $ 72.65, the highest level since August 2. Brent is also rising strongly and is at its highest since July.

WTI rises nearly $ 2 on Wednesday and completes a four-day rally, which started at the $ 68.00 zone. Support for the last bullish leg was trailed by a larger-than-expected drop in US crude inventories and the expectation that demand will grow in the coming months.

Analysts warn that the impact of Hurricane Ida was more than previously anticipated and the Gulf of Mexico region will take longer to return to the previous level. Added to this are forecasts of new storms in the region.

The economic data from the US on Wednesday, especially that of the manufacturing Empire in September, helped the expectations of the price of crude oil, registering a jump to 34.3, being that a decrease was expected to 18. In another report it was known that industrial production rose 0.4% in August, below the 0.5% market consensus. Thursday will be the turn of the Philly Fed and retail sales. Next week the Federal Reserve will meet.

Technical levels

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