Oil prices rose today as prices whipsawed between gains and losses as the US hit a grim milestone of a record 45000+ COVID cases in a day.

Oil prices tanked today led lower by other financial markets as US crude inventories rose to yet another record last week. This marks a third straight record for US crude inventories …

Oil prices traded down for the day, but US oil prices still hovered above $40/bbl mark, a key technical level. $40 WTI also represented a psychological barrier over the last couple months and breaking through that level is a very positive sign.

WTI settled above $40 for the first time since March as rig count data in the US and Canada shows active rigs continued to plummet. Both Brent and WTI rose about 9% last week, supported by a recovery in fuel demand as lockdowns eased and economic activity resumed.

Oil prices rose today, logging a gain for 7/8 of the last weeks. Prices initially rallied earlier on in the session but followed other benchmarks lower as the day continued. US and Canadian rig counts fell to another record low even as higher prices have prompted some producers to start reversing output cuts.

Oil prices rose today as OPEC+ compliance with production cuts continue to improve. However, today’s OPEC panel discussion is unlikely to recommend extending production cuts past August, according to sources.

US crude inventories grew to a record level for a second straight week as prices were down slightly but mostly flat for the day. US crude oil inventories grew by 1.22MM/bpd (compared to a forecasted build of 784K/bbls) to 539.3 MM/bbls.

Oil prices jumped today on improving demand as Brent crude traded back over the $40/bbl mark.

No commentary today

Oil just had its work week since April, snapping a six week winning streak while trading mostly flat for the day.