⛽WTI crude oil at levels not seen since October 2018!
On Tuesday morning, crude oil prices rose by more than 1.5% and OIL.WTI reached the highest levels this year. OIL lags slightly behind, but is also close to establishing new local highs. The upward move can be linked to today's OPEC + meeting, where agreement may be reached regarding the volume of "black gold" extraction in July. However, unofficial reports indicate that the group may withhold this decision due to concerns regarding Iran and the nuclear deal that will determine whether Iranian oil will hit the market.
Looking at the OIL.WTI chart, the price broke the resistance zone at $ 66.4 after several attempts. If the current sentiment, the next resistance can be determined by measuring the range of the recent correction. Fibonacci external retracements of 127.2% and 161.8% may be the nearest targets for the market bulls. In turn, the aforementioned zone at $ 66.40 remains a key support in the short term.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
OIL WTI interval H4. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
