WTI breaks above $76.00 to the highest since November 2014

Crude oil continues to rally despite stronger US dollar and inventory build up.
WTI resumes rally and hits the strongest level in years.

Matías Salord FXStreet

WTI (oil futures on NYMEX) resumed the upside today and jumped to $76.90 hitting a fresh multi-year high. From the top pulled back modestly and it was trading around $76.50, showing a gain of $1 today.

After a 1-day correction, crude oil gained momentum and accelerated the upside after breaking on top of $76.00. The move to the upside took place despite a higher US dollar. Not even an increase in crude oil inventories limited the upside. According to the Energy Information Administration, crude inventories jumped by almost 8 million barrels last week, significantly above expectations, in the biggest build since March 2017. The upside continues to receive support from US sanctions to Iran.

WTI Short-term technical Levels

To the upside, immediate resistance might lie at $76.55, followed by the $77.00 area and $77.80 (Nov 21, 2014 high). On the flip side, support could be located at $76.00, $75.30 and $74.95.

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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