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WTI Adds Over $2

OIL

WTI crude oil futures add $2 to trade above $79.50.

  • Expectations surrounding U.S. inventories (post-API estimates) and another round of attacks on Russian oil refineries are driving the move.
  • The recent breach of key resistance at $79.09, the Jan 29 high, reinforces a bullish theme. The clear break highlights potential for a continuation towards $81.70, the 76.4% retracement of the Sep 19-Dec 13 bear cycle.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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