Crude Oil continues to prove resilient – TDS

FXStreet Insights Team FXStreet

Upside momentum firming and Commodity Trading Advisors (CTAs) in Crude Oil remain on the bid, TDS commodity strategists note.

Markets look to take profits on Oil

“Crude oil continues to prove resilient, with upside momentum firming and CTAs remaining on the bid. However, we still argue that the rally could start to fade as these CTA flows taper.”

“Indeed, any drop below $80.33/bbl and $84.92/bbl for WTI and Brent crude, respectively, would see CTAs ease up on their buying and liquidate a portion of the recently acquired length.”

“Aside from the resurgent CTA flows, there is still more relative concern about Q4 balances and beyond, which should serve as a resistance to major upside.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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