Oil prices were higher today after trading down over a dollar earlier in the session. WTI was down slightly for the week while Brent was up 2%. Traders were squaring up positions ahead of the weekend after the WTI’s November contract expiry, increasing volatility. “The bias is to play the weekend to the long side,” said John Kilduff, partner at Again Capital LLC in New York. Buoying prices was the dollar easing today. Crude is also gaining support from a looming European Union ban on Russian oil, as well as the recent 2MM/npd output cut agreed by the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+. WTI traded up $.54 or .6% to close at $85.05. Brent traded up $1.12 or 1.2% to close $93.50.

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