Oil prices move higher as Israel fires rockets and Kazakhstan cuts output

<p>The US crude futures settle the day at $76.41. That's up $1.55 or 2.07%.</p><p>Although higher, the price still remains below its 200-day moving average at $78.12.</p><p>Influences today:</p><ul><li>Early strength in oil prices was linked to reports of Israel firing rockets during the ceasefire and Kazakhstan cutting oil output by over half due to a storm impacting Black Sea shipping.</li><li>Uncertainty about OPEC+ reaching an agreement ahead of their Thursday meeting led to a temporary drop </li><li>Dovish comments from FedsWaller, put pressure on the US Dollar and yields, helping oil prices to peak</li></ul><p>Market focus will now be on the upcoming US energy inventory data, with expectations of a crude oil drawdown of 0.9 million barrels, and increases in gasoline and distillates inventories.</p>

This article was written by Greg Michalowski at www.forexlive.com.