WTI Crude Oil (current price: $47.29)
Oil had a mixed session as the crucial commodity rallied by more than 3% in early trading, but it declined sharply later on, to finish just below its opening price near the $47.50 level. WTI Crude got close to its prior high from the previous week, and the relative strength of the commodity could be a positive factor for the related currencies in the coming weeks as well. The speculation regarding an OPEC production cut was the main driver of the previous week, as fundamentals continue to be mixed for oil.
Our assessment: Oil is stuck between the $49 resistance and the short-term support level near $46.75, as the long-term advancing trend seems intact and the flat 200-day MA remains way below the current price at $41.25.
