WTI crude oil daily chart
It’s certainly an impressive run as oil has come up strong after rallying since July, now rising to its best levels since November last year.
WTI crude in particular has been sustaining around its 200-week moving average from March to June and even with the lack of initial excitement from the Saudi news, it is now turning things around and quite mightily to say the least.
The jump higher today is also taking out the April highs after a stunning turnaround yesterday amid the more negative risk mood. The rebound saw oil prices come up from a low of $79.97 to end the day higher at just under the $83 mark.
And with oil now breaking higher on the day, the technicals dictate that there is plenty of upside room for oil at the moment. Couple that with a tighter market and this rally could really have legs. Suddenly, those $100 forecasts don’t look too shabby.