13.5 C
Sunday, August 1, 2021

WTI crude hits $75 per barrel in rally to one-week high

Must read

WTI clears a key technical level

WTI crude oil is now up nearly $1 on the day to $75.03.

The $75 level isn’t just psychological. It clears a double top made in the past week as well as the 61.8% retracement of last week’s swoon.

WTI clears a key technical level

This is a good sign for bulls, who have been pointing to delays in the restart of Iran oil talks until August — meaning supply won’t return until at least Q4. Bulls have also noted that order data from OPEC+ countries isn’t showing any rise in shipments for August.

Technically, this is a great sign for both oil and CAD. I suspect we’ll see another run at $77.

Source link

- Advertisement -spot_img

More articles


Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Latest article