Oil nears February levels
WTI crud rose above $41 to touch the highest in three weeks. Oil gapped down from $41.28 to $34.88 on March 9 and we haven’t yet been able to quiet fill in the gap. The bulls tried on June 23 in a brief rally to $41.63 but crude ended up closing lower that day.
If crude hangs on here, it will be the first close above $41 since March 6.
The headlines were intially negative here with OPEC+ indicating that it will increase production in August but all transportation stocks are rallying today on vaccine hopes and that’s helping to lift oil prices.
The Bank of Canada is the main driver for the sizeable rally in the Canadian dollar today but higher crude prices are also helping.