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Melina DELTASJunior Market Analyst
Tuesday, 13 December 2016 08:16

WTI Jumped to 18-Month High

Written by 
Published in Commodites & Metals

The second economic event flooded the headlines is the oil price that climbed at 18-month high yesterday, after OPEC and non-OPEC members sealed a deal to reduce oil production, in order to tackle global oversupply. Moreover, Saudi Arabia signaled that it’s ready for deeper cuts, leaving the door open for further oil output cuts that will send the oil prices higher.

The West Texas Intermediate (WTI) recorded a fresh 18-month high and reached the $55.30 resistance level over December 11th. The oil opened with a gap during Sunday’s session and broke the sloping rising channel to the upside. A correction to the downside is in progress for covering the gap and then back to the previous high. If the price breaks the new high to the upside, will move towards the next resistance level at $61.50. However, to the downside the next level to watch is the $52.25 barrier. On the daily chart, the RSI indicator is moving lower following the pullback on the 70 level.

WTICrudeDaily131216.png

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