Sycamore said WTI's weekly chart is winding itself into a tighter range, suggesting that a big move is coming."Rather than trying to predict in which way the break will occur, we would be inclined to wait for the break and then go with it," he added.
Brent crude futures rose 65 cents, or 0.87%, to $75.29 a barrel by 0945 GMT after gaining 65 cents on Tuesday, the last trading day of 2024.U.S.
Crude output from the world's top producer rose to a record 13.46 million bpd in October, up 260,000 bpd from September, the report showed.
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