$80 WTI is vital each psychologically and technically. It hasn’t been up right here since November 7, when questions started about OPEC+ unity. OPEC has held it collectively to this point and international development has been robust to this point this 12 months.
Technically, I’d look to $81.46 subsequent. That is the 50% retracement of the Sept-Dec vary.
Affirmation for oil might need to come back from Brent. It is buying and selling at $83.87 however might want to get above $84.80 to get above the Jan/Dec highs.
This text was written by Adam Button at www.forexlive.com.
