WTI Crude Oil (current price: $53.51)
Oil rallied strongly after Thursday’s correction, as the U.S. Dollar headed lower and the bullish news regarding the U.S. inventory level still affected the commodity. The OPEC’s production cut remains the most important factor for oil, although the continued rise of the Dollar might stop the current uptrend. WTI Crude is still trading above the long-term support/resistance level near $52.50 following the break-out two weeks ago, despite the FED’s rate hike.
Our assessment: Oil is still trading in a long-term uptrend, despite the recent correction. Resistance is ahead at $55 with support still found at $52.50.
