WTI Crude Oil (current price: 48.10)
U.S. Crude Oil inventories increased yet again, although by a relatively small amount as the local output continued to decline. The crucial commodity still ended the session lower after reaching the resistance zone around $49.50 that we have been monitoring recently. Oil still looks stretched to the upside, but it might still reach the key level near $51.25 before a correction could start. The commodity is now up by over 75% percent from its lows earlier this year.
Our assessment: The MACD indicator remains in overbought territory as oil keeps hitting new highs almost every day. The continuation of the Dollar rally might push the commodity into a correction in the coming weeks.
