WTI Crude Oil (current price: 45.86)
Oil stayed relatively strong after a very bullish week, but ended Friday’s session well below the day’s high. The crucial commodity has been drifting lower today in early trading, following the path of other risk assets. The related currencies (such as the CAD, AUD, and RUB) could experience a volatile session, should oil enter a deeper decline later today. All eyes are on the break-out level of $44.5, with the rising trend-line providing support just above $45.
Our assessment: Oil’s run has been stellar in the last two month, after the historic decline in 2015 and early 2016. Last week was still encouraging, but the changing global sentiment might mean that the commodity is due for a correction.
