Oil Action: Front-month WTI futures are up 0.7%
Oil Action: Front-month WTI futures are up 0.7% at $71.59 presently, earlier seeing a high at $71.67, which is the loftiest level seen since last Thursday, the day that this benchmark posted a 42-month peak at $71.89. Brent benchmark futures have already seen a new major trend highs, trading above $71.0 for the first time since November 2014. The gains in crude have come despite a concurrent lift in the dollar. Pending U.S. sanctions on Iranian exports remain a dominant them in market narratives, while OPEC data published yesterday shone a light on tightening supply, showing oil inventories in OECD nations have fallen to just 9 M barrels above the five-year average in March, comparing to 340 M barrels above the five-year average in January 2017.