WTI Crude Oil (current price: $53.14)
Oil had a volatile and ultimately bearish day on Friday. The slightly worse than expected U.S. economic reports weighed on the commodity in the second half of the day. WTI Crude is trading lower again this morning, as the correction in global stocks pushed risk assets lower. Oil is still trading in a flag consolidation pattern following a choppy week as it continues to hover around the $53 level since the beginning of December.
Our assessment: Oil still trades well above the rising 200-day Moving Average. Support is found near the $52 level and below that at 49.50.
