WTI Crude Oil (current price: $51.69)
Oil shot higher yesterday following the surprisingly big drop in U.S. Crude Inventories. Stockpiles declined by -4.2 billion barrel and that might suggest a change in the previously negative trend, although it might also lead to a quick jump in U.S. output. WTI Crude is now close to its prior top near $52 after finding support around the $50 level last week. The crucial commodity could hit a new high in the near future, although the strong U.S. Dollar might change the short-term trend, as traders still expect a rate hike by the FED.
Our assessment: Oil rose by 2% on Wednesday, and it’s trading slightly higher once again today, but the $52-$52.50 interval still lies ahead as resistance for the coming days.
