Crude oil prices advanced on Monday, supported by news that Saudi Arabia pledged to work with other crude producers to limit market volatility.
Brent futures were trading at $35.98 per barrel by London’s close, up 88 cents, or 2.5%. WTI futures nearer $34.00 a barrel during the American afternoon, and trades a handful of cents below it by the end of the day, maintaining a generally positive tone.
WTI futures settled 3% up at $33.80 on Monday and posted a 1% gain in February.
WTI technical view
“The daily chart shows that the price remains well above its 20 SMA, while the RSI indicator resumed its advance and heads north around 56. In the same chart, the Momentum indicator has lost upward steam and turned lower, but remains near overbought territory, far from anticipating an upcoming decline,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical tone is clearly bullish, given that the price bounced sharply from around a bullish 20 SMA, while the technical indicators head north well into positive territory. Last week high at 34.65 is the level to take to confirm a more sustainable recovery beyond the 35.00 mark during the upcoming sessions.”
Support levels: 33.10 32.55 31.90. Resistance levels: 34.65 35.20 36.00.
(Market News Provided by FXstreet)