bullish
Weekly Stock Bullfinder - Week of 10/10
SUMMARY
- After dropping all the way back down to $75 on September 26th, OPEC’s ~1M/barrel day production cut announcement last week was followed up by another bullish crude oil inventory draw last week, which sent WTI crude oil rocketing higher 16%.
- This was the largest weekly gain since Russia invaded Ukraine and caught the market by surprise.
- The production cut also sent a strong signal to President Biden after OPEC agreed to a production increase in early August after his Saudi Arabia visit (last week’s cut was more than 9X the production increase previously agreed to!).
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