WTI OIL hits new 3 ½ year high on break above $72
|US CRUDE OIL
WTI oil broke above psychological $72 barrier and hit new high at $72.15 (the highest since Nov 2014) on Thursday.
Persisting geopolitical tension keep oil price supported with fall in US crude stocks (EIA report on Wednesday) adding to bullish sentiment.
The global oil market is expected to remain tight despite forecasts for lower global oil demand and rising US shale oil production.
Fresh bullish extension eyes Fibo projections at $72.48/85 as initial targets but oil price could rise further and attack barriers at $74.94 (Oct 2011 low) and $76.35 (Fibo 61.8% of 107.45/$26.04 fall) in extension.
Rising 10SMA continues to track the advance and offers solid support (currently at $70.86) which is expected to contain dips.
Res: 72.15; 72.48; 72.85; 73.09
Sup: 71.86; 71.48; 70.86; 70.25
Interested in Oil technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.