The price of WTI crude futures settled at $75.19, marking a 2.42% increase, with a high of $75.46 and a low of $72.56. In the US, North Dakota oil output is expected to decrease by 250,000 – 300,000 barrels per day due to cold weather conditions. Despite trading above the previous high for the new calendar year, buyers were unable to reach the next December high target at $75.66, leading to a rotation lower.
Looking ahead, the price could see more upside momentum if it surpasses the swing area between $75.24 and $75.66, followed by the swing high from the end of December at $76.18. On the downside, a move below the rising 100 and 200-hour moving averages near $72.90 would increase the bearish bias. This fluctuation in oil prices reflects the ongoing impact of weather conditions and market dynamics on the energy sector, with potential implications for global economies and consumer prices in the coming months.