WTI Crude Oil (current price: $53.40)
Oil had a relatively bullish session on Monday, as it trended higher in the second half of the day. The crucial commodity remains above the $52 level despite the recent consolidation. The OPEC’s production cut is still probably the main factor for energy investors. WTI Crude is still trading in a short-term correction, with a strong resistance level found just above the current price. Volatility might increase today in the afternoon, as U.S. commodity markets will be open again.
Our assessment: Oil is still within a rising long-term trend channel, despite drifting sideways for two weeks now. Strong support is still below at $52, with the rising 200-day Moving Average being near $47.
