Crude WTI breaks high from 25 May
From July 24 to July 31, price of oil gained almost 10%. As a result, on Monday, price of Crude WTI crude oil was at its highest level since May 25. Rising oil prices are supported by disappointing US oil inventories. The last 4 publications showed gradual decline in oil stocks. Investors are also expecting crude oil inventories to fall on Wednesday, which will further boost prices.
At the same time OPEC intends to support price of oil. At the beginning of next week OPEC representatives in Abu Dhabi will meet to discuss current performance of individual countries from agreed production restriction.
Analysts Goldman Sachs Group Inc. They also point out that imposition of financial sanctions on the president of Venezuela by USA may have an impact on the price of oil. If Venezuelan oil exports are limited within the framework of the sanctions it would be another provisional impulse for this commodity.
Oil Crude WTI
After breaking resistance at 50.00 Crude WTI price can now return to the broken level or directly move towards next resistance at 51.50. The other resistances are located at the levels: 53.70, 55.00. The closest support is 50.00.
YOU CAN START TRADING ON FOREX MARKET USING FREE Windsor Brokers ACCOUNT
On the Brent oil chart you can now expect a significant resistance test of 53.00. This level has previously been equivalent to the 50.00 level with the WTI. A successful breakout of 53.00 will allow growth to further resistance: 54.00, 57.50.