Vivaldi Day: it’s all about youOil closed last week with minimal gains, settling just above $80 per barrel WTI.
WTI has been trading in a bullish range since mid-December, and since the beginning of last week, a further pullback from the upper boundary has been indicated. The logical course of events is now a correction to the lower boundary of the channel, which is now at $76.4, adding around $0.4 per day. Friday’s data showed a decline in the total number of active drilling rigs to 624. This figure has been relatively stable since last November, after falling since the beginning of 2023.
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