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WTI Explodes Higher as Middle East Shipping Risks Multiply
['Editorial Dept', 'More Info']
OilPrice.com Daily News Update
September WTI crude oil futures were trading at $92.31 late Thursday, up $10.54 or 12.89% for the week.
September WTI crude oil futures were trading at $92.31 late Thursday, up $10.54 or 12.89% for the week.
That is why WTI kept climbing even when the market had already moved sharply higher earlier in the week.
Weekly Light Crude Oil FuturesTrend Indicator AnalysisSeptember WTI crude oil futures are in a position to close sharply higher this week after recapturing a critical retracement zone at $81.21 to $84.53, which is now new support.
We’re not going to turn totally bearish on crude oil unless the 52-week moving average at $67.98 fails to hold.