WTI breaks above $64.00 hits fresh 3-year highs

Crude keeps bullish tone on demand expectation and US output.
WTI on top of $64.00, up 7% for far during 2018.
Brent rises above $70 a barrel for the first time since December 2014.

Matías Salord FXStreet

Crude oil prices continued to rise during the American session hitting new multi-year highs. WTI (oil futures on NYMEX) climbed to $64.50 a barrel, the strongest level in three years.

Oil received a boost from the EIA report that showed falling US oil output levels. According to the document, production fell by 290K barrels per day to 9.5 million bpd. Also upbeat projections of global economic activity favored the upside.

Despite the overextension of the rally, the bullish tone remains intact, showing at the moment no signals of correction.

WTI Technical Levels

To the upside, resistance levels might be seen at $64.50, $64.65 and $65.00. On the flip side, supports are located at $63.85, $62.90 (daily low) and $62.45.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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