Crude Oil Prices Attempt To Recover Gains

wti crude oil

WTI Crude oil prices are trading in the green after prices nearly closed flat on Wednesday.

However, the current recovery is still below Wednesday’s highs. A breakout above 38.15 will potentially validate further gains in the commodity.

At the current pace, oil prices are on track to hit the key level of $40 a barrel.

Following this, the next main price point is at 42.00 which held up as support months before.

Thus, a retest of this level could see resistance forming if there is a failure to breakout higher.

To the downside, the price level of 33.66 will be key to stall the commodity from further declines.

Won't your trader friends like this?
About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

Leave a Reply