WTI Crude Oil (current price: $45.51)
The most traded commodity is higher this morning again, as the relative strength of the last week seems to continue in early trading, despite the reported production growth in the U.S. The major currencies are now more influenced by economic news than commodity prices, as investor remain focused on central banks and their future interest rate policies. The current rally in oil might come to an end around the current levels, as the commodity is right at some important long-term resistance lines.
Our assessment: Oil was up by 3% on Friday and today’s session is also influenced by last week’s trend as fundamentals remain weak.
