December WTI crude oil futures finished higher on Thursday, putting the market in a position to close higher for the week. The bullish price action was fueled by a number of factors including optimism over record U.S. crude exports, signs that recession fears are fading and a weaker U.S. Dollar. Helping to put a cap on gains were worries over demand from China.
Longer-term traders noted that the start of OPEC+ production cuts and the European Union’s embargo on Russian crude oil were also underpinning prices all week. US Crude Exports Surge…Record U.S. Crude Exports Push Oil Prices Higher
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