US Digs into Oil Reserves

Oil has made a run for higher levels, testing the next level above $95.24 at $96.88. US oil reserves are at lows not seen since 1984, as the Biden administration hastily digs into reserves to frantically buoy prices before midterms. Nevertheless, we are still trekking closer to the $100 mark. If we are able to break through $96.88 then $100 is the next target. We should have some resistance there. If things turn south, then $92.03, or $90.06 are candidates for a floor price for now.