Crude Oil Rises To A 5-Month High

Oil prices are somewhat volatile and price action is up over 2% intraday.

The gains come following oil output cuts due to the storm Laura which has been upgraded to a major hurricane.

The supply cuts are pushing oil prices higher but only for the short term. We need to see prices closing above the 43.11 on a daily basis to confirm the upside.

However, if oil prices dip back below this level, then we could see a new sideways range emerging between 43.11 and 42.00.