Crude Oil Prices Break Above Their Seven-Week High
Such drop exceeded the 2.191-million-barrel plunge energy experts had earlier anticipated thereby giving the bulls enough gas in roaring loud despite the greenback posting record gains on reports that the world’s largest economy might have its monetary supply tightened sooner than later.
American oil futures have already posted gains of more than 35% in 2021 alone– amid a broad advance across commodity markets — with oil traders betting that the rollout of vaccines will permit a return to pre- COVID-19 pandemic conditions despite reports pointing to rising COVID-19 caseloads in the world’s second most populated country further hint the world is not out of the wood yet.
That being said, market experts reveal oil bulls still call the shot has recent price patterns reveal West Texas Intermediate bulls successfully breached the $65.60 and look set to break the $68 a barrel resistance levels, with the positive momentumstill in play, this could affirm the bullish wave towards $68, noting that such continuation require holding above $64.35 for such to occur.
More on: www.fxempire.com