Crude oil prices have climbed back above $70 in afternoon trade, amid a sharp decline in U.S. crude stockpiles, a weaker dollar and rising optimism on economic recovery, specifically narrowing in on data from China showing an uptick in crude oil purchases after a major COVID lockdown reaction by Beijing that gave markets the jitters.
The $70 point is considered crude oil’s current natural resistance level. As of 11:34 am EST, WTI was trading at $70.51, with Brent hitting $73.37. Both WTI and Brent were up 2.8% Thursday afternoon. …Crude Breaks $70 Resistance Level, Here’s What’s Next
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