The barrel of West Texas Intermediate is returning to the $33.00 neighbourhood after the bull run lost momentum near $33.50.
WTI firmer on comments by Saudi officials
Prices for the black gold have strengthened further on Monday after Saudi officials have advocated for further stability in oil markets. Officials have also favoured further cooperation with other oil producers in order to limit the ongoing volatility in the oil market.
In the meantime, the barrel of WTI has started its third consecutive week with gains, returning to levels above the $33.00 handle and leaving the door open for a test of last week’s tops at $34.69 (Friday).
WTI levels to consider
At the moment the barrel of WTI is up 1.71% at $33.34 and a break above $34.82 (high Jan.28) would expose $35.48 (76.4% Fibo of $38.39-$26.05$) and finally 37.08 (100-day sma). On the other hand, the immediate support aligns at $32.07 (55-day sma) ahead of $30.52 (20-day sma) and then $28.97 (23.6% Fibo of $38.39-$26.05).
(Market News Provided by FXstreet)