WTI Crude Oil (current price: $47.95)
Oil had another bullish session following two days of lofty gains, as the OPEC decision regarding an output cut in November continued to favor higher prices. The crucial commodity is holding up above the key $46.50 level, with another important level head at $49. WTI Crude remains in a neutral long-term trend although the price exited a short-term consolidation pattern last week which might lead to a re-test of the $50 level in the coming weeks.
Our assessment: Oil had three positive days in a row, but the rally might be in danger if Friday’s bounce in risk assets reverses, and the prior correction resumes this week.
