(Bloomberg) – Oil rose to a three-month high, closing above a key technical barrier, as signs of a tighter crude market outweighed the prospect of another hike from the Federal Reserve.
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West Texas Intermediate settled above $78 a barrel as OPEC+ cuts begin to materialize, tightening global supplies. Adding to the intraday rally was an outage at Exxon’s Baton Rouge refinery, where a gasoline-making catalytic cracker may be down for several weeks. The disruption during the high-demand summer driving season also boosted the 3-2-1 crack — a measure of the profitability of turning crude into fuel — to the highest since March.
US benchmark crude closed above its 200-day moving average, which has provided strong resistance since August. Oil holding above that threshold could spur additional buying. Risk-on sentiment in equity markets, which are trading near the highest levels this year, also is bolstering crude.
Crude is still down slightly for the year,…
2023-07-24 15:19:40
Original from finance.yahoo.com
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