WTI crude oil rises to a fresh 10-month high

<p>WTI crude oil is trading at the highest since November after some modest resistance at the recent high of $88.07 gave way. The fresh high is $88.45 with little now standing in the way of $90 and beyond.</p><p>The IEA has grabbed some headlines today, writing that demand for natural gas, oil and coal will all peak before 2030. That's sooner than projections a year ago because of new renewable technologies and changes in technology.</p><p> “In the last 10 years China accounted for about one-third of the growth in natural gas demand globally and two-thirds of the growth in oil demand,” IEA leader Faith Birol said. “Solar, wind and nuclear power will be eating up the potential growth of coal in China.”</p><p>Unfortunately the IAE has a spotty track record when it comes to predictions and has undershot real-world demand for more than a decade.</p><p>It's unlikely the report will have any effect on near-dated oil prices, which are responding to a shortfall in the market of around 2 million barrels per day.</p><p>I don't see any technical resistance until $90 or the November high of $93.74. Barring another SPR release, there isn't much on the fundamental side to halt the gain, unless OPEC discipline breaks down. There are some eyes on China though as<a href="https://www.reuters.com/markets/commodities/chinas-strong-crude-oil-coal-iron-ore-imports-flatter-deceive-russell-2023-09-11/" target="_blank" rel="nofollow"> imports appear</a> to be running unsustainable high.</p>

This article was written by Adam Button at www.forexlive.com.