WTI Crude Oil (current price: $49.88)
Oil has been trending higher since the OPEC decision regarding a possible production cut last week. The crucial commodity got close to the $50 per barrel level yesterday, as the broad Dollar rally failed to break the strength of it. The rebound in risk assets also helped WTI Crude yesterday, as it stayed in a narrow range throughout the day. The prior highs above $50 could provide resistance in the coming weeks, as the 200-day MA is still well below the current price near $42.
Our assessment: Oil is still trading in a neutral long-term range, although it is now close to the upper boundary of the interval, following the recent strong rally.
