Crude Oil Rises To A 2-Week High

Oil prices are caught in a bid, rising to a two-week high. The gains came after President Trump’s announcement about a possible OPEC supply cut.

WTI crude oil rose to intraday highs of 27.31 before retracing some of the gains.

Despite the short term gains, the hidden divergence suggests that price action will be forming a bottom in the near term.

In the event of a break down below 22.00, then we expect further consolidation or a possible decline further.

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“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.

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