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WTI Crude Oil Takes A Breather After Strong Gains

Posted On 07 May 2020
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wti crude oil

WTI crude oil prices are down about 7% intraday. This comes after prices were rallying sharply in the previous six sessions.

The retracement is showing prices testing the 25.00 handle.

As long as this level holds, crude oil prices see an upside bias with a possible consolidation taking place.

However, a deeper correction could emerge. This will pull oil prices lower back to the 17.80 handle where support will be most likely forming.

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.

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