Wednesday, April 18, 2018

WTI oil rises almost 3%

Saudi Arabia is planning on keeping its current oil production cuts until they see the price of oil reaching around 80 to 100 Dollars per barrel. That news along with the US crude oil inventories coming out lower than expected have caused the price of WTI oil to rally almost 3% during today’s session and reaches its highest level since the end of 2014, around the 68,76 level. The bullish momentum has taken the price of WTI to break above the 67.67 level and it could continue to the 70.00 zone. In case of a bearish pullback, the 67.67 level or the 65.00 level could act as support. Below the 65.00 level, its next support zones are the 61.00 level and the 58.00 zone where we can find the 200 day EMA and the 200 week EMA.

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