WTI Crude Oil (current price: $48.30)
Oil traded sharply higher on Friday as investor sentiment improved globally, and traders bought risk assets again following the nervous trading environment earlier on the week. WTI Crude rebounded exactly from the support zone that we have been monitoring in recent weeks between $46.50 and $47. The crucial commodity fell as much as 10% from its recent highs, but it’s already recovered more than half of that, as it’s trading higher again this morning.
Our assessment: oil is probably headed back above $50 as investors are more optimistic following the uncertainty of last week, and as the long-term advancing trend remains intact.
