WTI Price Analysis: Oil hits 13-month high, challenges 13-year bearish trendline
- The US oil prices rise to the highest level in 12 months.
- The monthly chart shows prices are flirting with a major bearish trendline.
West Texas Intermediate (WTI) crude is trading at $62.77 per barrel at press time.
That's the highest level since January 2020, and the resistance of the trendline falling from July 2008 and July 2014 highs.
Expectations of a swift vaccine-led global economic recovery and the recent cold blast in Texas have powered the North American oil benchmark to multi-year highs.
A break above that trendline hurdle would mark a reversal higher from decade-long bearish price action and shift focus to $66.60 (April 2019 high).
Analysts at Goldman Sachs have reportedly raised their 2021 WTI price forecast to $66 per barrel from $58 per barrel. The following year, the oil benchmark is seen rising to $67 per barrel versus the previous $62 per barrel projection.
Monthly chart
Trend: Bullish
Technical levels
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
