WTI Crude Oil (current price: $49.72)
Oil had another strong session thanks to the bullish U.S. Crude Inventories release. The crucial commodity was already up in early trading, but shot up even more following the 4.1 million barrel decline in U.S. stockpiles. Oil is now back in the long-term rising trend channel after passing through the resistance zone near 49.29 and trading right at the key support/resistance line near $50. The commodity could be headed to a new high in the coming days if global sentiment remains favorable.
Our assessment: Oil is still in a strong uptrend and the 200-day MA is also turning positive, although it is still far away from the current price at $41.3
