WTI Crude Oil (current price: 43.47)
Oil had a very bullish week in the aftermath of the disappointing OPEC-organized meeting in Doha last weekend. The crucial commodity rose to a six-month high as traders ignored the negative news and focused on the favorable developments in the U.S. market. Production fell to a 12-month low, and that should help in clearing the record inventories in the country. WTI Crude breached its 200-day MA on Monday and rallied off the important support to end the week close to $44, and starting off Monday with a slight decline during the Asian session.
Our assessment: Oil had an encouraging week and it could rise further this week, but we expect some choppy action before the FED meeting.
