WTI crude oil futures settle at $118.87

The price of WTI  crude oil  futures are settling at $118.87. That’s up $2 or 1.71%.

The high price today reached $119.42. The low price extended to $115.23.

One week ago today, the price closed at $115.07. That puts the gain for the week at $3.80 or 3.3%.

The high for the week reached $119.98 on Monday. The low for the week extended to $111.20. That was a yesterday after the OPEC+ decision.

Working in favor of the upside was China reopening along with continued low inventories. The weekly inventory data in the US this week showed a larger than expected to draw of -5.06 million barrels this week.

This despite record high prices at the pump in the US.