WTI Crude Oil (current price: $47.01)
Oil continued its strong rebound, despite the negative U.S. Crude Inventories data that showed rising inventories for the second week in a row. The crucial commodity hit $47 despite the release after trading as low as $39.50 at the end of July. The 20% rally since the bottom has reached another strong resistance zone yesterday and further important lines are above the current price near $50 and $51.50. The $47 level might trigger a correction in the rally in the coming days.
Our assessment: Oil seems to be resuming the strong rally that took it from $28.50 to $52, but the prior highs will probably cause volatility if the commodity reaches them in the near future.
